CNMD vs QQQ: Correlation
How closely do CONMED Corporation (CNMD) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and QQQ?
Across a 3-year window, the weekly returns of CNMD and QQQ correlate at 0.13, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 99.0 %².
Among the 11 assets we track against CNMD, QQQ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with QQQ ahead by 33.5 points (-7.2% versus +26.3%). One caveat on sizing: CNMD is 1.9 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.
CNMD vs QQQ: side by side
| CNMD (CONMED Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -7.2% | +26.3% |
| 5-year return | -60.5% | +95.4% |
| Volatility (ann.) | 38.2% | 19.6% |
| Beta vs S&P 500 | 0.60 | 1.28 |
| Max drawdown (3Y) | -71.4% | -22.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | 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 | CNMD | QQQ |
|---|---|---|
| 2022 | -37.0% | -32.6% |
| 2023 | +24.5% | +54.9% |
| 2024 | -36.8% | +25.6% |
| 2025 | -40.0% | +20.8% |
| 2026 | +23.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and QQQ good diversifiers for each other?
Yes. With a correlation of 0.13, CNMD and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNMD and QQQ?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.09 over the last year and 0.35 over 5 years.
Is QQQ a good diversifier for CNMD?
Yes. With a correlation of 0.13, CNMD and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 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/cnmd-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnmd-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNMD correlations · QQQ correlations
