CHWY vs QQQ: Correlation
Chewy, Inc. (CHWY) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHWY and QQQ?
Over the past 3 years, CHWY and QQQ moved with a correlation of 0.24, which is weak. The past 12 months show a weaker link (-0.00) than the 3-year average (0.24). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 244.3 %².
QQQ is close to the least connected end of CHWY's tracked universe, ranking #8 of 11. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 69.9 percentage points (-43.6% for CHWY against +26.3% for QQQ). Risk is not evenly split, since CHWY carries 2.6 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.
CHWY vs QQQ: side by side
| CHWY (Chewy, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -43.6% | +26.3% |
| 5-year return | -74.7% | +95.4% |
| Volatility (ann.) | 51.6% | 19.6% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -63.7% | -22.8% |
| Market cap | $9.3B | – |
| P/E (trailing) | 38.0 | – |
| 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 | CHWY | QQQ |
|---|---|---|
| 2022 | -37.1% | -32.6% |
| 2023 | -36.3% | +54.9% |
| 2024 | +41.7% | +25.6% |
| 2025 | -1.3% | +20.8% |
| 2026 | -31.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHWY and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHWY and QQQ?
As of 2026-08-27, the correlation of weekly returns between CHWY and QQQ is 0.24 over 3 years, -0.00 over 1 year and 0.43 over 5 years.
Is QQQ a good diversifier for CHWY?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/chwy-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chwy-vs-qqq/)
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Related comparisons
Hubs: CHWY correlations · QQQ correlations
