DKNG vs QQQ: Correlation
How closely do DraftKings Inc. (DKNG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKNG and QQQ?
On 3 years of weekly data the DKNG/QQQ correlation comes out at 0.47, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.47). The 5-year figure is 0.53, and annualized covariance runs at 462.4 %².
Out of 12 assets tracked against DKNG, QQQ lands near the bottom at #8. The last year tells two different stories: QQQ led by 75.6 percentage points, -49.3% for DKNG against +26.3% for QQQ. Note the risk asymmetry: DKNG runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DKNG vs QQQ: side by side
| DKNG (DraftKings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -49.3% | +26.3% |
| 5-year return | -59.1% | +95.4% |
| Volatility (ann.) | 50.0% | 19.6% |
| Beta vs S&P 500 | 1.64 | 1.28 |
| Max drawdown (3Y) | -61.3% | -22.8% |
| Market cap | $12.0B | – |
| 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 | DKNG | QQQ |
|---|---|---|
| 2022 | -58.5% | -32.6% |
| 2023 | +209.5% | +54.9% |
| 2024 | +5.5% | +25.6% |
| 2025 | -7.4% | +20.8% |
| 2026 | -29.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKNG and QQQ good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DKNG and QQQ?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.34 over the last year and 0.53 over 5 years.
Is QQQ a good diversifier for DKNG?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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
$ curl https://www.pairbook.io/api/v1/pairs/dkng-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dkng-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DKNG correlations · QQQ correlations
