CARR vs QQQ: Correlation
Carrier Global (CARR) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and QQQ?
Across a 3-year window, the weekly returns of CARR and QQQ correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.55, with an annualized covariance of 305.3 %².
Within CARR's tracked universe of 29 assets, QQQ comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 37.9 percentage points (-11.6% for CARR against +26.3% for QQQ). On a rolling one-year basis the correlation drifted between 0.23 and 0.70, a moderate band. Risk is not evenly split, since CARR carries 1.7 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.
CARR vs QQQ: side by side
| CARR (Carrier Global) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -11.6% | +26.3% |
| 5-year return | +8.8% | +95.4% |
| Volatility (ann.) | 32.6% | 19.6% |
| Beta vs S&P 500 | 1.21 | 1.28 |
| Max drawdown (3Y) | -38.1% | -22.8% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Industrials | 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 | CARR | QQQ |
|---|---|---|
| 2022 | -22.7% | -32.6% |
| 2023 | +41.5% | +54.9% |
| 2024 | +20.3% | +25.6% |
| 2025 | -21.8% | +20.8% |
| 2026 | +12.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and QQQ good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CARR and QQQ?
As of 2026-08-27, the correlation of weekly returns between CARR and QQQ is 0.48 over 3 years, 0.24 over 1 year and 0.55 over 5 years.
Is QQQ a good diversifier for CARR?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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/carr-vs-qqq.json
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[](https://www.pairbook.io/pair/carr-vs-qqq/)
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Related comparisons
Hubs: CARR correlations · QQQ correlations
