ELAN vs QQQ: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and QQQ?
Across a 3-year window, the weekly returns of ELAN and QQQ correlate at 0.31, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.31). Stretching to 5 years gives 0.36, with an annualized covariance of 274.5 %².
QQQ is close to the least connected end of ELAN's tracked universe, ranking #8 of 11. On 12-month performance ELAN holds a 6.1-point edge, +32.4% against +26.3%. Note the risk asymmetry: ELAN runs 2.3 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.
ELAN vs QQQ: side by side
| ELAN (Elanco Animal Health Incorporated) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +32.4% | +26.3% |
| 5-year return | -26.8% | +95.4% |
| Volatility (ann.) | 44.8% | 19.6% |
| Beta vs S&P 500 | 1.18 | 1.28 |
| Max drawdown (3Y) | -56.1% | -22.8% |
| Market cap | $12.2B | – |
| 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 | ELAN | QQQ |
|---|---|---|
| 2022 | -56.9% | -32.6% |
| 2023 | +21.9% | +54.9% |
| 2024 | -18.7% | +25.6% |
| 2025 | +86.9% | +20.8% |
| 2026 | +8.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and QQQ good diversifiers for each other?
Reasonably. At 0.31, ELAN and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELAN and QQQ?
As of 2026-08-27, the correlation of weekly returns between ELAN and QQQ is 0.31 over 3 years, 0.09 over 1 year and 0.36 over 5 years.
Is QQQ a good diversifier for ELAN?
Reasonably. At 0.31, ELAN and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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/elan-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elan-vs-qqq/)
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Related comparisons
Hubs: ELAN correlations · QQQ correlations
