BOW vs QQQ: Correlation
How closely do Bowhead Specialty Holdings Inc. (BOW) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and QQQ?
Over the past 3 years, BOW and QQQ moved with a correlation of 0.04, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.10 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 30.1 %².
By 3-year correlation, QQQ places #9 of the 16 assets tracked against BOW. The last year tells two different stories: QQQ led by 19.3 percentage points, +7.0% for BOW against +26.3% for QQQ. One caveat on sizing: BOW is 1.8 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.
BOW vs QQQ: side by side
| BOW (Bowhead Specialty Holdings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +7.0% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 34.6% | 19.6% |
| Beta vs S&P 500 | 0.37 | 1.28 |
| Max drawdown (3Y) | -49.1% | -22.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 18.2 | – |
| 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 | BOW | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | -19.7% | +20.8% |
| 2026 | +17.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and QQQ good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BOW and QQQ?
As of 2026-08-27, the correlation of weekly returns between BOW and QQQ is 0.04 over 3 years, 0.10 over 1 year and n/a over 5 years.
Is QQQ a good diversifier for BOW?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 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/bow-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bow-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOW correlations · QQQ correlations
