CLMT vs QQQ: Correlation
How closely do Calumet, Inc (CLMT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLMT and QQQ?
On 3 years of weekly data the CLMT/QQQ correlation comes out at 0.21, weak. Lately the two have drifted apart, with the 1-year correlation at -0.23 versus 0.21 over 3 years. The 5-year figure is 0.17, and annualized covariance runs at 217.3 %².
Among the 10 assets we track against CLMT, QQQ sits near the bottom by co-movement, at rank #7. The last year tells two different stories: CLMT led by 156.6 percentage points, +182.9% for CLMT against +26.3% for QQQ. Note the risk asymmetry: CLMT runs 2.7 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.
CLMT vs QQQ: side by side
| CLMT (Calumet, Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +182.9% | +26.3% |
| 5-year return | +582.1% | +95.4% |
| Volatility (ann.) | 53.8% | 19.6% |
| Beta vs S&P 500 | 0.97 | 1.28 |
| Max drawdown (3Y) | -61.9% | -22.8% |
| Market cap | $4.0B | – |
| 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 | CLMT | QQQ |
|---|---|---|
| 2022 | +27.9% | -32.6% |
| 2023 | +5.9% | +54.9% |
| 2024 | +23.2% | +25.6% |
| 2025 | -9.8% | +20.8% |
| 2026 | +130.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLMT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLMT and QQQ?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.23 over the last year and 0.17 over 5 years.
Is QQQ a good diversifier for CLMT?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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.
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Related comparisons
Hubs: CLMT correlations · QQQ correlations
