CBOE vs QQQ: Correlation
Cboe Global Markets (CBOE) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and QQQ?
Across a 3-year window, the weekly returns of CBOE and QQQ correlate at 0.01, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.16) than the 3-year average (0.01). Stretching to 5 years gives 0.12, with an annualized covariance of 4.0 %².
By 3-year correlation, QQQ places #20 of the 39 assets tracked against CBOE. On 12-month performance CBOE holds a 6.2-point edge, +32.5% against +26.3%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.32 to 0.38.
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.
CBOE vs QQQ: side by side
| CBOE (Cboe Global Markets) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +32.5% | +26.3% |
| 5-year return | +168.0% | +95.4% |
| Volatility (ann.) | 26.1% | 19.6% |
| Beta vs S&P 500 | 0.09 | 1.28 |
| Max drawdown (3Y) | -36.7% | -22.8% |
| Market cap | $32.8B | – |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Financials | 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 | CBOE | QQQ |
|---|---|---|
| 2022 | -2.2% | -32.6% |
| 2023 | +44.4% | +54.9% |
| 2024 | +10.7% | +25.6% |
| 2025 | +29.2% | +20.8% |
| 2026 | +25.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and QQQ good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBOE and QQQ?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with 0.16 over the last year and 0.12 over 5 years.
Is QQQ a good diversifier for CBOE?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
A reading of 0.01 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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Related comparisons
Hubs: CBOE correlations · QQQ correlations
