CCO vs QQQ: Correlation
Measured on weekly returns over the past three years, Clear Channel Outdoor Holdings, Inc. (CCO) and Invesco QQQ Trust (QQQ) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and QQQ?
On 3 years of weekly data the CCO/QQQ correlation comes out at 0.32, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.32). The 5-year figure is 0.36, and annualized covariance runs at 303.7 %².
Among the 11 assets we track against CCO, QQQ sits near the bottom by co-movement, at rank #8. The last year tells two different stories: CCO led by 61.9 percentage points, +88.2% for CCO against +26.3% for QQQ. Risk is not evenly split, since CCO carries 2.5 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.
CCO vs QQQ: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +88.2% | +26.3% |
| 5-year return | -6.3% | +95.4% |
| Volatility (ann.) | 48.4% | 19.6% |
| Beta vs S&P 500 | 1.25 | 1.28 |
| Max drawdown (3Y) | -57.1% | -22.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| 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 | CCO | QQQ |
|---|---|---|
| 2022 | -68.3% | -32.6% |
| 2023 | +73.3% | +54.9% |
| 2024 | -24.7% | +25.6% |
| 2025 | +61.3% | +20.8% |
| 2026 | +8.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CCO and QQQ?
The CCO/QQQ correlation stands at 0.32 on a 3-year window (1 year: 0.16, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CCO?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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: CCO correlations · QQQ correlations
