CLW vs QQQ: Correlation
How closely do Clearwater Paper Corporation (CLW) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and QQQ?
Across a 3-year window, the weekly returns of CLW and QQQ correlate at 0.15, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 149.7 %².
Out of 11 assets tracked against CLW, QQQ lands near the bottom at #8. The last year tells two different stories: QQQ led by 28.0 percentage points, -1.7% for CLW against +26.3% for QQQ. One caveat on sizing: CLW is 2.6 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.
CLW vs QQQ: side by side
| CLW (Clearwater Paper Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -1.7% | +26.3% |
| 5-year return | -35.0% | +95.4% |
| Volatility (ann.) | 51.3% | 19.6% |
| Beta vs S&P 500 | 0.82 | 1.28 |
| Max drawdown (3Y) | -77.8% | -22.8% |
| Market cap | $0.3B | – |
| 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 | CLW | QQQ |
|---|---|---|
| 2022 | +3.1% | -32.6% |
| 2023 | -4.5% | +54.9% |
| 2024 | -17.6% | +25.6% |
| 2025 | -41.6% | +20.8% |
| 2026 | +21.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between CLW and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.18 over the last year and 0.15 over 5 years.
Is QQQ a good diversifier for CLW?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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
$ curl https://www.pairbook.io/api/v1/pairs/clw-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clw-vs-qqq/)
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Related comparisons
Hubs: CLW correlations · QQQ correlations
