BFLY vs QQQ: Correlation
Butterfly Network, Inc. (BFLY) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFLY and QQQ?
Across a 3-year window, the weekly returns of BFLY and QQQ correlate at 0.34, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 656.8 %².
Among the 11 assets we track against BFLY, QQQ ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BFLY ahead by 429.1 points (+455.4% versus +26.3%). One caveat on sizing: BFLY is 5.0 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.
BFLY vs QQQ: side by side
| BFLY (Butterfly Network, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +455.4% | +26.3% |
| 5-year return | -27.5% | +95.4% |
| Volatility (ann.) | 98.1% | 19.6% |
| Beta vs S&P 500 | 2.32 | 1.28 |
| Max drawdown (3Y) | -72.4% | -22.8% |
| Market cap | $2.3B | – |
| 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 | BFLY | QQQ |
|---|---|---|
| 2022 | -63.2% | -32.6% |
| 2023 | -56.1% | +54.9% |
| 2024 | +188.9% | +25.6% |
| 2025 | +21.8% | +20.8% |
| 2026 | +129.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFLY and QQQ good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BFLY and QQQ?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.32 over the last year and 0.44 over 5 years.
Is QQQ a good diversifier for BFLY?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bfly-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bfly-vs-qqq/)
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Related comparisons
Hubs: BFLY correlations · QQQ correlations
