CLF vs QQQ: Correlation
Cleveland-Cliffs Inc. (CLF) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and QQQ?
Across a 3-year window, the weekly returns of CLF and QQQ correlate at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 416.2 %².
Among the 11 assets we track against CLF, QQQ sits near the bottom by co-movement, at rank #8. The last year tells two different stories: QQQ led by 16.7 percentage points, +9.6% for CLF against +26.3% for QQQ. Note the risk asymmetry: CLF runs 3.1 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.
CLF vs QQQ: side by side
| CLF (Cleveland-Cliffs Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +9.6% | +26.3% |
| 5-year return | -50.7% | +95.4% |
| Volatility (ann.) | 61.7% | 19.6% |
| Beta vs S&P 500 | 1.74 | 1.28 |
| Max drawdown (3Y) | -74.5% | -22.8% |
| Market cap | $6.7B | – |
| P/E (trailing) | – | – |
| 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 | CLF | QQQ |
|---|---|---|
| 2022 | -26.0% | -32.6% |
| 2023 | +26.8% | +54.9% |
| 2024 | -54.0% | +25.6% |
| 2025 | +41.3% | +20.8% |
| 2026 | -10.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and QQQ good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLF and QQQ?
As of 2026-08-27, the correlation of weekly returns between CLF and QQQ is 0.35 over 3 years, 0.33 over 1 year and 0.41 over 5 years.
Is QQQ a good diversifier for CLF?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 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.
Use this data
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Related comparisons
Hubs: CLF correlations · QQQ correlations
