AXG vs QQQ: Correlation
Solowin Holdings - Class A (AXG) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXG and QQQ?
Across a 3-year window, the weekly returns of AXG and QQQ correlate at 0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.04 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 118.4 %².
Out of 11 assets tracked against AXG, QQQ lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 68.9 percentage points (-42.6% for AXG against +26.3% for QQQ). One caveat on sizing: AXG is 8.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AXG vs QQQ: side by side
| AXG (Solowin Holdings - Class A) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -42.6% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 162.4% | 19.6% |
| Beta vs S&P 500 | 0.61 | 1.28 |
| Max drawdown (3Y) | -97.5% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | AXG | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | -44.8% | +25.6% |
| 2025 | +149.1% | +20.8% |
| 2026 | -45.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXG and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXG and QQQ?
The AXG/QQQ correlation stands at 0.04 on a 3-year window (1 year: -0.10, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for AXG?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
A reading of 0.04 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: AXG correlations · QQQ correlations
