CDRO vs QQQ: Correlation
How closely do Codere Online Luxembourg, S.A. (CDRO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDRO and QQQ?
Across a 3-year window, the weekly returns of CDRO and QQQ correlate at 0.14, weak. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.14). Stretching to 5 years gives 0.22, with an annualized covariance of 125.3 %².
Among the 10 assets we track against CDRO, QQQ sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 17.7 percentage points (+8.6% for CDRO against +26.3% for QQQ). One caveat on sizing: CDRO is 2.3 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.
CDRO vs QQQ: side by side
| CDRO (Codere Online Luxembourg, S.A.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +8.6% | +26.3% |
| 5-year return | -9.1% | +95.4% |
| Volatility (ann.) | 44.5% | 19.6% |
| Beta vs S&P 500 | 0.65 | 1.28 |
| Max drawdown (3Y) | -37.6% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 225.0 | – |
| 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 | CDRO | QQQ |
|---|---|---|
| 2022 | -57.1% | -32.6% |
| 2023 | +14.0% | +54.9% |
| 2024 | +119.4% | +25.6% |
| 2025 | +24.5% | +20.8% |
| 2026 | +12.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDRO and QQQ good diversifiers for each other?
Yes. With a correlation of 0.14, CDRO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CDRO and QQQ?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.05 over the last year and 0.22 over 5 years.
Is QQQ a good diversifier for CDRO?
Yes. With a correlation of 0.14, CDRO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 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
$ curl https://www.pairbook.io/api/v1/pairs/cdro-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdro-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDRO correlations · QQQ correlations
