EBS vs QQQ: Correlation
Measured on weekly returns over the past three years, Emergent BioSolutions Inc. (EBS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and QQQ?
On 3 years of weekly data the EBS/QQQ correlation comes out at 0.29, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is 0.23, and annualized covariance runs at 685.1 %².
Among the 15 assets we track against EBS, QQQ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 57.1 percentage points (-30.8% for EBS against +26.3% for QQQ). One caveat on sizing: EBS is 6.2 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.
EBS vs QQQ: side by side
| EBS (Emergent BioSolutions Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -30.8% | +26.3% |
| 5-year return | -90.7% | +95.4% |
| Volatility (ann.) | 122.0% | 19.6% |
| Beta vs S&P 500 | 2.69 | 1.28 |
| Max drawdown (3Y) | -71.2% | -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 | EBS | QQQ |
|---|---|---|
| 2022 | -72.8% | -32.6% |
| 2023 | -79.7% | +54.9% |
| 2024 | +298.3% | +25.6% |
| 2025 | +29.3% | +20.8% |
| 2026 | -51.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EBS and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.21 over the last year and 0.23 over 5 years.
Is QQQ a good diversifier for EBS?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: EBS correlations · QQQ correlations
