CWD vs QQQ: Correlation
Measured on weekly returns over the past three years, CaliberCos Inc. (CWD) and Invesco QQQ Trust (QQQ) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWD and QQQ?
Over the past 3 years, CWD and QQQ moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 326.2 %².
Among the 16 assets we track against CWD, QQQ ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 92.8 percentage points (-66.5% for CWD against +26.3% for QQQ). One caveat on sizing: CWD is 9.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CWD vs QQQ: side by side
| CWD (CaliberCos Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -66.5% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 194.6% | 19.6% |
| Beta vs S&P 500 | 1.40 | 1.28 |
| Max drawdown (3Y) | -98.7% | -22.8% |
| Market cap | – | – |
| 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 | CWD | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | -45.8% | +25.6% |
| 2025 | -91.1% | +20.8% |
| 2026 | -54.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWD and QQQ good diversifiers for each other?
Yes. With a correlation of 0.09, CWD and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CWD and QQQ?
As of 2026-08-27, the correlation of weekly returns between CWD and QQQ is 0.09 over 3 years, 0.13 over 1 year and n/a over 5 years.
Is QQQ a good diversifier for CWD?
Yes. With a correlation of 0.09, CWD and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 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: CWD correlations · QQQ correlations
