EFXT vs QQQ: Correlation
Enerflex Ltd (EFXT) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFXT and QQQ?
Across a 3-year window, the weekly returns of EFXT and QQQ correlate at 0.19, weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.19 over 3 years. Stretching to 5 years gives 0.19, with an annualized covariance of 169.6 %².
QQQ is close to the least connected end of EFXT's tracked universe, ranking #7 of 10. The last year tells two different stories: EFXT led by 87.4 percentage points, +113.7% for EFXT against +26.3% for QQQ. One caveat on sizing: EFXT is 2.3 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.
EFXT vs QQQ: side by side
| EFXT (Enerflex Ltd) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +113.7% | +26.3% |
| 5-year return | +257.3% | +95.4% |
| Volatility (ann.) | 44.8% | 19.6% |
| Beta vs S&P 500 | 0.65 | 1.28 |
| Max drawdown (3Y) | -38.6% | -22.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 45.2 | – |
| Dividend yield | 0.61% | 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 | EFXT | QQQ |
|---|---|---|
| 2022 | +5.8% | -32.6% |
| 2023 | -25.1% | +54.9% |
| 2024 | +115.8% | +25.6% |
| 2025 | +56.2% | +20.8% |
| 2026 | +35.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFXT and QQQ good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EFXT and QQQ?
As of 2026-08-27, the correlation of weekly returns between EFXT and QQQ is 0.19 over 3 years, 0.01 over 1 year and 0.19 over 5 years.
Is QQQ a good diversifier for EFXT?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efxt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/efxt-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EFXT correlations · QQQ correlations
