AXON vs QQQ: Correlation
How closely do Axon Enterprise (AXON) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and QQQ?
On 3 years of weekly data the AXON/QQQ correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.38). The 5-year figure is 0.45, and annualized covariance runs at 425.6 %².
Among the 35 assets we track against AXON, QQQ ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 46.9 points (-20.6% versus +26.3%). The rolling one-year correlation moved between 0.19 and 0.57 over the past three years, a moderate range. One caveat on sizing: AXON is 2.9 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.
AXON vs QQQ: side by side
| AXON (Axon Enterprise) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -20.6% | +26.3% |
| 5-year return | +216.9% | +95.4% |
| Volatility (ann.) | 57.4% | 19.6% |
| Beta vs S&P 500 | 1.51 | 1.28 |
| Max drawdown (3Y) | -60.3% | -22.8% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Industrials | 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 | AXON | QQQ |
|---|---|---|
| 2022 | +5.7% | -32.6% |
| 2023 | +55.7% | +54.9% |
| 2024 | +130.1% | +25.6% |
| 2025 | -4.4% | +20.8% |
| 2026 | +7.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that QQQ holds AXON at a 0.22% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AXON and QQQ good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXON and QQQ?
The AXON/QQQ correlation stands at 0.38 on a 3-year window (1 year: 0.21, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for AXON?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axon-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axon-vs-qqq/)
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Related comparisons
Hubs: AXON correlations · QQQ correlations
