BHC vs QQQ: Correlation
How closely do Bausch Health Companies Inc. (BHC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHC and QQQ?
On 3 years of weekly data the BHC/QQQ correlation comes out at 0.12, weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.12 over 3. The 5-year figure is 0.20, and annualized covariance runs at 161.4 %².
Out of 11 assets tracked against BHC, QQQ lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 39.6 percentage points (-13.3% for BHC against +26.3% for QQQ). Risk is not evenly split, since BHC carries 3.4 times the volatility of the other side.
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.
BHC vs QQQ: side by side
| BHC (Bausch Health Companies Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -13.3% | +26.3% |
| 5-year return | -78.4% | +95.4% |
| Volatility (ann.) | 67.6% | 19.6% |
| Beta vs S&P 500 | 0.94 | 1.28 |
| Max drawdown (3Y) | -59.3% | -22.8% |
| Market cap | $2.4B | – |
| 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 | BHC | QQQ |
|---|---|---|
| 2022 | -77.3% | -32.6% |
| 2023 | +27.7% | +54.9% |
| 2024 | +0.5% | +25.6% |
| 2025 | -13.8% | +20.8% |
| 2026 | -9.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHC and QQQ good diversifiers for each other?
Yes. With a correlation of 0.12, BHC and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BHC and QQQ?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.14 over the last year and 0.20 over 5 years.
Is QQQ a good diversifier for BHC?
Yes. With a correlation of 0.12, BHC and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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.
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Related comparisons
Hubs: BHC correlations · QQQ correlations
