AXS vs QQQ: Correlation
Measured on weekly returns over the past three years, Axis Capital Holdings Limited (AXS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and QQQ?
Over the past 3 years, AXS and QQQ moved with a correlation of 0.03, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.21 versus 0.03 over 3 years. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 14.7 %².
Among the 23 assets we track against AXS, QQQ sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 24.8 percentage points (+1.5% for AXS against +26.3% for QQQ).
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.
AXS vs QQQ: side by side
| AXS (Axis Capital Holdings Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +1.5% | +26.3% |
| 5-year return | +118.2% | +95.4% |
| Volatility (ann.) | 23.0% | 19.6% |
| Beta vs S&P 500 | 0.30 | 1.28 |
| Max drawdown (3Y) | -17.4% | -22.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 7.1 | – |
| Dividend yield | 1.76% | 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 | AXS | QQQ |
|---|---|---|
| 2022 | +2.6% | -32.6% |
| 2023 | +5.6% | +54.9% |
| 2024 | +63.9% | +25.6% |
| 2025 | +21.9% | +20.8% |
| 2026 | -6.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXS and QQQ?
As of 2026-08-27, the correlation of weekly returns between AXS and QQQ is 0.03 over 3 years, -0.21 over 1 year and 0.16 over 5 years.
Is QQQ a good diversifier for AXS?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axs-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axs-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXS correlations · QQQ correlations
