CF vs QQQ: Correlation
CF Industries (CF) and Invesco QQQ Trust (QQQ) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and QQQ?
Over the past 3 years, CF and QQQ moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.16 over 3 years. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -102.7 %².
Among the 50 assets we track against CF, QQQ ranks #25 by 3-year correlation. The last year tells two different stories: CF led by 22.3 percentage points, +48.6% for CF against +26.3% for QQQ. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.43 to 0.20. Note the risk asymmetry: CF runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CF vs QQQ: side by side
| CF (CF Industries) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +48.6% | +26.3% |
| 5-year return | +211.5% | +95.4% |
| Volatility (ann.) | 32.8% | 19.6% |
| Beta vs S&P 500 | -0.20 | 1.28 |
| Max drawdown (3Y) | -29.2% | -22.8% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Materials | 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 | CF | QQQ |
|---|---|---|
| 2022 | +22.3% | -32.6% |
| 2023 | -4.7% | +54.9% |
| 2024 | +10.1% | +25.6% |
| 2025 | -7.2% | +20.8% |
| 2026 | +64.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and QQQ good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CF and QQQ?
As of 2026-08-27, the correlation of weekly returns between CF and QQQ is -0.16 over 3 years, -0.45 over 1 year and -0.03 over 5 years.
Is QQQ a good diversifier for CF?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 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.
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Related comparisons
Hubs: CF correlations · QQQ correlations
