EH vs QQQ: Correlation
Measured on weekly returns over the past three years, EHang Holdings Limited (EH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and QQQ?
On 3 years of weekly data the EH/QQQ correlation comes out at 0.33, moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.33). The 5-year figure is 0.34, and annualized covariance runs at 473.8 %².
QQQ is close to the least connected end of EH's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 97.0 percentage points (-70.7% for EH against +26.3% for QQQ). Note the risk asymmetry: EH runs 3.7 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.
EH vs QQQ: side by side
| EH (EHang Holdings Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -70.7% | +26.3% |
| 5-year return | -81.9% | +95.4% |
| Volatility (ann.) | 72.3% | 19.6% |
| Beta vs S&P 500 | 1.92 | 1.28 |
| Max drawdown (3Y) | -82.4% | -22.8% |
| Market cap | $0.4B | – |
| 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 | EH | QQQ |
|---|---|---|
| 2022 | -42.5% | -32.6% |
| 2023 | +95.8% | +54.9% |
| 2024 | -6.3% | +25.6% |
| 2025 | -16.3% | +20.8% |
| 2026 | -64.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and QQQ good diversifiers for each other?
Reasonably. At 0.33, EH and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EH and QQQ?
As of 2026-08-27, the correlation of weekly returns between EH and QQQ is 0.33 over 3 years, 0.56 over 1 year and 0.34 over 5 years.
Is QQQ a good diversifier for EH?
Reasonably. At 0.33, EH and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: EH correlations · QQQ correlations
