CG vs QQQ: Correlation
How closely do The Carlyle Group Inc. (CG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CG and QQQ?
Over the past 3 years, CG and QQQ moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 401.6 %².
Among the 21 assets we track against CG, QQQ ranks #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 48.1 points (-21.8% versus +26.3%). One caveat on sizing: CG is 1.9 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.
CG vs QQQ: side by side
| CG (The Carlyle Group Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -21.8% | +26.3% |
| 5-year return | +18.0% | +95.4% |
| Volatility (ann.) | 36.8% | 19.6% |
| Beta vs S&P 500 | 1.68 | 1.28 |
| Max drawdown (3Y) | -40.4% | -22.8% |
| Market cap | $17.5B | – |
| P/E (trailing) | 50.8 | – |
| Dividend yield | 2.86% | 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 | CG | QQQ |
|---|---|---|
| 2022 | -43.8% | -32.6% |
| 2023 | +42.6% | +54.9% |
| 2024 | +28.1% | +25.6% |
| 2025 | +20.2% | +20.8% |
| 2026 | -14.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CG and QQQ good diversifiers for each other?
Only partially. A correlation of 0.56 means CG and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CG and QQQ?
The CG/QQQ correlation stands at 0.56 on a 3-year window (1 year: 0.48, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CG?
Only partially. A correlation of 0.56 means CG and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cg-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cg-vs-qqq/)
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Related comparisons
Hubs: CG correlations · QQQ correlations
