COP vs QQQ: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Invesco QQQ Trust (QQQ) carry a correlation of 0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and QQQ?
Across a 3-year window, the weekly returns of COP and QQQ correlate at 0.01, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.43) than the 3-year average (0.01). Stretching to 5 years gives 0.07, with an annualized covariance of 7.1 %².
Within COP's tracked universe of 40 assets, QQQ comes in at #29 by 3-year correlation. On 12-month performance COP holds a 10.2-point edge, +36.5% against +26.3%. The relationship is regime-dependent: the rolling one-year correlation swung between -0.43 and 0.35 over the past three years, so this pair behaves very differently depending on the market environment.
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.
COP vs QQQ: side by side
| COP (ConocoPhillips) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +36.5% | +26.3% |
| 5-year return | +175.2% | +95.4% |
| Volatility (ann.) | 29.1% | 19.6% |
| Beta vs S&P 500 | 0.25 | 1.28 |
| Max drawdown (3Y) | -36.3% | -22.8% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Energy | 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 | COP | QQQ |
|---|---|---|
| 2022 | +71.7% | -32.6% |
| 2023 | +2.0% | +54.9% |
| 2024 | -12.2% | +25.6% |
| 2025 | -2.3% | +20.8% |
| 2026 | +41.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and QQQ good diversifiers for each other?
Yes. With a correlation of 0.01, COP and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COP and QQQ?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with -0.43 over the last year and 0.07 over 5 years.
Is QQQ a good diversifier for COP?
Yes. With a correlation of 0.01, COP and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
A reading of 0.01 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: COP correlations · QQQ correlations
