CVEO vs QQQ: Correlation
How closely do Civeo Corporation (Canada) (CVEO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVEO and QQQ?
Across a 3-year window, the weekly returns of CVEO and QQQ correlate at 0.01, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.01 lands near the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 9.8 %².
Out of 11 assets tracked against CVEO, QQQ lands near the bottom at #7. The last year tells two different stories: CVEO led by 16.1 percentage points, +42.4% for CVEO against +26.3% for QQQ. Risk is not evenly split, since CVEO carries 1.8 times the volatility of the other side.
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.
CVEO vs QQQ: side by side
| CVEO (Civeo Corporation (Canada)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +42.4% | +26.3% |
| 5-year return | +69.2% | +95.4% |
| Volatility (ann.) | 35.1% | 19.6% |
| Beta vs S&P 500 | 0.16 | 1.28 |
| Max drawdown (3Y) | -33.2% | -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 | CVEO | QQQ |
|---|---|---|
| 2022 | +62.2% | -32.6% |
| 2023 | -24.8% | +54.9% |
| 2024 | +3.6% | +25.6% |
| 2025 | +1.6% | +20.8% |
| 2026 | +47.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVEO and QQQ good diversifiers for each other?
Yes. With a correlation of 0.01, CVEO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVEO and QQQ?
The CVEO/QQQ correlation stands at 0.01 on a 3-year window (1 year: -0.01, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CVEO?
Yes. With a correlation of 0.01, CVEO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 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
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Related comparisons
Hubs: CVEO correlations · QQQ correlations
