CVS vs QQQ: Correlation
Measured on weekly returns over the past three years, CVS Health (CVS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVS and QQQ?
On 3 years of weekly data the CVS/QQQ correlation comes out at 0.08, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.01) sits close to the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at 54.1 %².
By 3-year correlation, QQQ places #22 of the 32 assets tracked against CVS. Over the last 12 months CVS came out ahead by 7.0 percentage points (+33.3% against +26.3%). The rolling one-year correlation moved between -0.14 and 0.26 over the past three years, a moderate range. Risk is not evenly split, since CVS 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.
CVS vs QQQ: side by side
| CVS (CVS Health) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +33.3% | +26.3% |
| 5-year return | +29.6% | +95.4% |
| Volatility (ann.) | 34.4% | 19.6% |
| Beta vs S&P 500 | 0.40 | 1.28 |
| Max drawdown (3Y) | -44.0% | -22.8% |
| Market cap | $118.8B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 2.82% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Health Care | 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 | CVS | QQQ |
|---|---|---|
| 2022 | -7.6% | -32.6% |
| 2023 | -12.5% | +54.9% |
| 2024 | -40.8% | +25.6% |
| 2025 | +84.3% | +20.8% |
| 2026 | +19.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVS and QQQ good diversifiers for each other?
Yes. With a correlation of 0.08, CVS and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVS and QQQ?
As of 2026-08-27, the correlation of weekly returns between CVS and QQQ is 0.08 over 3 years, 0.01 over 1 year and 0.16 over 5 years.
Is QQQ a good diversifier for CVS?
Yes. With a correlation of 0.08, CVS and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
A reading of 0.08 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/cvs-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvs-vs-qqq/)
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Related comparisons
Hubs: CVS correlations · QQQ correlations
