CHEF vs QQQ: Correlation
Measured on weekly returns over the past three years, The Chefs' Warehouse, Inc. (CHEF) and Invesco QQQ Trust (QQQ) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHEF and QQQ?
Over the past 3 years, CHEF and QQQ moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 292.4 %².
QQQ is close to the least connected end of CHEF's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months CHEF outperformed by 51.4 percentage points (+77.7% for CHEF against +26.3% for QQQ). Risk is not evenly split, since CHEF carries 2.2 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.
CHEF vs QQQ: side by side
| CHEF (The Chefs' Warehouse, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +77.7% | +26.3% |
| 5-year return | +273.0% | +95.4% |
| Volatility (ann.) | 44.0% | 19.6% |
| Beta vs S&P 500 | 1.23 | 1.28 |
| Max drawdown (3Y) | -37.8% | -22.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 53.2 | – |
| 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 | CHEF | QQQ |
|---|---|---|
| 2022 | -0.1% | -32.6% |
| 2023 | -11.6% | +54.9% |
| 2024 | +67.6% | +25.6% |
| 2025 | +26.4% | +20.8% |
| 2026 | +78.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHEF and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CHEF and QQQ?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.08 over the last year and 0.38 over 5 years.
Is QQQ a good diversifier for CHEF?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: CHEF correlations · QQQ correlations
