CAAP vs QQQ: Correlation
Measured on weekly returns over the past three years, Corporacion America Airports SA (CAAP) and Invesco QQQ Trust (QQQ) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAP and QQQ?
On 3 years of weekly data the CAAP/QQQ correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.38 over 3. The 5-year figure is 0.23, and annualized covariance runs at 255.1 %².
Out of 11 assets tracked against CAAP, QQQ lands near the bottom at #8. The trailing year gives QQQ the advantage: +16.5% versus +26.3%, a 9.8-point spread. One caveat on sizing: CAAP is 1.7 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.
CAAP vs QQQ: side by side
| CAAP (Corporacion America Airports SA) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +16.5% | +26.3% |
| 5-year return | +323.5% | +95.4% |
| Volatility (ann.) | 33.9% | 19.6% |
| Beta vs S&P 500 | 0.91 | 1.28 |
| Max drawdown (3Y) | -26.6% | -22.8% |
| Market cap | $4.0B | – |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 3.70% | 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 | CAAP | QQQ |
|---|---|---|
| 2022 | +51.3% | -32.6% |
| 2023 | +84.0% | +54.9% |
| 2024 | +16.2% | +25.6% |
| 2025 | +39.3% | +20.8% |
| 2026 | -7.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAP and QQQ good diversifiers for each other?
Reasonably. At 0.38, CAAP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAAP and QQQ?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.34 over the last year and 0.23 over 5 years.
Is QQQ a good diversifier for CAAP?
Reasonably. At 0.38, CAAP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: CAAP correlations · QQQ correlations
