AZO vs QQQ: Correlation
Measured on weekly returns over the past three years, AutoZone (AZO) and Invesco QQQ Trust (QQQ) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and QQQ?
On 3 years of weekly data the AZO/QQQ correlation comes out at 0.14, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.14). The 5-year figure is 0.26, and annualized covariance runs at 64.4 %².
Among the 30 assets we track against AZO, QQQ ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 56.6 percentage points (-30.3% for AZO against +26.3% for QQQ). The rolling one-year correlation moved between -0.02 and 0.37 over the past three years, a moderate range.
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.
AZO vs QQQ: side by side
| AZO (AutoZone) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -30.3% | +26.3% |
| 5-year return | +88.5% | +95.4% |
| Volatility (ann.) | 23.2% | 19.6% |
| Beta vs S&P 500 | 0.31 | 1.28 |
| Max drawdown (3Y) | -32.9% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Consumer Discretionary | 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 | AZO | QQQ |
|---|---|---|
| 2022 | +17.6% | -32.6% |
| 2023 | +4.8% | +54.9% |
| 2024 | +23.8% | +25.6% |
| 2025 | +5.9% | +20.8% |
| 2026 | -13.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between AZO and QQQ?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.02 over the last year and 0.26 over 5 years.
Is QQQ a good diversifier for AZO?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 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.
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Related comparisons
Hubs: AZO correlations · QQQ correlations
