CP vs QQQ: Correlation
Canadian Pacific Kansas City Limited (CP) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CP and QQQ?
Over the past 3 years, CP and QQQ moved with a correlation of 0.25, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.25 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 102.3 %².
Out of 10 assets tracked against CP, QQQ lands near the bottom at #7. Neither side won the trailing year by much: +22.9% against +26.3%.
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.
CP vs QQQ: side by side
| CP (Canadian Pacific Kansas City Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +22.9% | +26.3% |
| 5-year return | +35.4% | +95.4% |
| Volatility (ann.) | 20.9% | 19.6% |
| Beta vs S&P 500 | 0.51 | 1.28 |
| Max drawdown (3Y) | -25.9% | -22.8% |
| Market cap | $82.5B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.01% | 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 | CP | QQQ |
|---|---|---|
| 2022 | +4.7% | -32.6% |
| 2023 | +6.8% | +54.9% |
| 2024 | -7.8% | +25.6% |
| 2025 | +2.4% | +20.8% |
| 2026 | +28.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CP and QQQ good diversifiers for each other?
Reasonably. At 0.25, CP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CP and QQQ?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.06 over the last year and 0.36 over 5 years.
Is QQQ a good diversifier for CP?
Reasonably. At 0.25, CP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cp-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cp-vs-qqq/)
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Related comparisons
Hubs: CP correlations · QQQ correlations
