AZO vs QTEX: Correlation
AutoZone (AZO) and QTREX Quantum Ltd. (QTEX) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and QTEX?
On 3 years of weekly data the AZO/QTEX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.29). The 5-year figure is -0.13, and annualized covariance runs at -1421.2 %².
QTEX is close to the least connected end of AZO's tracked universe, ranking #29 of 30. Twelve-month performance is nearly a tie, at -30.3% for AZO and -27.2% for QTEX. Note the risk asymmetry: QTEX runs 9.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QTEX: side by side
| AZO (AutoZone) | QTEX (QTREX Quantum Ltd.) | |
|---|---|---|
| 1-year return | -30.3% | -27.2% |
| 5-year return | +88.5% | -75.2% |
| Volatility (ann.) | 23.2% | 214.5% |
| Beta vs S&P 500 | 0.31 | 2.83 |
| Max drawdown (3Y) | -32.9% | -86.9% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | AZO | QTEX |
|---|---|---|
| 2022 | +17.6% | -69.0% |
| 2023 | +4.8% | -17.8% |
| 2024 | +23.8% | -3.8% |
| 2025 | +5.9% | -11.8% |
| 2026 | -13.5% | -6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and QTEX good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AZO and QTEX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.46 over the last year and -0.13 over 5 years.
Is QTEX a good diversifier for AZO?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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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Related comparisons
Hubs: AZO correlations · QTEX correlations
