CVX vs QQQ: Correlation
How closely do Chevron Corporation (CVX) 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 CVX and QQQ?
Across a 3-year window, the weekly returns of CVX and QQQ correlate at 0.01, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (0.01). Stretching to 5 years gives 0.08, with an annualized covariance of 4.5 %².
Among the 29 assets we track against CVX, QQQ ranks #19 by 3-year correlation. Neither side won the trailing year by much: +30.4% against +26.3%. This link changes with the market regime, having swung between -0.44 and 0.36 on a rolling one-year basis.
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.
CVX vs QQQ: side by side
| CVX (Chevron Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +30.4% | +26.3% |
| 5-year return | +148.1% | +95.4% |
| Volatility (ann.) | 23.8% | 19.6% |
| Beta vs S&P 500 | 0.22 | 1.28 |
| Max drawdown (3Y) | -20.8% | -22.8% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 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 | CVX | QQQ |
|---|---|---|
| 2022 | +58.5% | -32.6% |
| 2023 | -13.6% | +54.9% |
| 2024 | +1.3% | +25.6% |
| 2025 | +10.1% | +20.8% |
| 2026 | +34.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and QQQ good diversifiers for each other?
Yes. With a correlation of 0.01, CVX and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVX and QQQ?
The CVX/QQQ correlation stands at 0.01 on a 3-year window (1 year: -0.42, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CVX?
Yes. With a correlation of 0.01, CVX 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvx-vs-qqq.json
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[](https://www.pairbook.io/pair/cvx-vs-qqq/)
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Related comparisons
Hubs: CVX correlations · QQQ correlations
