CALY vs QQQ: Correlation
How closely do Callaway Golf Company (CALY) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and QQQ?
On 3 years of weekly data the CALY/QQQ correlation comes out at 0.24, weak. The link has tightened recently: the 1-year correlation (0.34) runs above the 3-year figure (0.24). The 5-year figure is 0.33, and annualized covariance runs at 259.6 %².
QQQ is close to the least connected end of CALY's tracked universe, ranking #13 of 16. Correlation aside, the last 12 months split them widely, with CALY ahead by 31.3 points (+57.6% versus +26.3%). One caveat on sizing: CALY is 2.8 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.
CALY vs QQQ: side by side
| CALY (Callaway Golf Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +57.6% | +26.3% |
| 5-year return | -45.7% | +95.4% |
| Volatility (ann.) | 55.5% | 19.6% |
| Beta vs S&P 500 | 1.11 | 1.28 |
| Max drawdown (3Y) | -68.1% | -22.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 36.8 | – |
| 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 | CALY | QQQ |
|---|---|---|
| 2022 | -28.0% | -32.6% |
| 2023 | -27.4% | +54.9% |
| 2024 | -45.2% | +25.6% |
| 2025 | +48.5% | +20.8% |
| 2026 | +32.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALY and QQQ good diversifiers for each other?
Reasonably. At 0.24, CALY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CALY and QQQ?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.34 over the last year and 0.33 over 5 years.
Is QQQ a good diversifier for CALY?
Reasonably. At 0.24, CALY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/caly-vs-qqq/)
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Related comparisons
Hubs: CALY correlations · QQQ correlations
