ELDN vs QQQ: Correlation
How closely do Eledon Pharmaceuticals, Inc. (ELDN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and QQQ?
Over the past 3 years, ELDN and QQQ moved with a correlation of 0.21, which is weak. The past 12 months show a tighter link (0.44) than the 3-year average (0.21). Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 344.9 %².
Among the 11 assets we track against ELDN, QQQ ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +28.7% for ELDN and +26.3% for QQQ. Note the risk asymmetry: ELDN runs 4.2 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.
ELDN vs QQQ: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +28.7% | +26.3% |
| 5-year return | -58.7% | +95.4% |
| Volatility (ann.) | 82.7% | 19.6% |
| Beta vs S&P 500 | 1.13 | 1.28 |
| Max drawdown (3Y) | -73.8% | -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 | ELDN | QQQ |
|---|---|---|
| 2022 | -48.3% | -32.6% |
| 2023 | -21.1% | +54.9% |
| 2024 | +128.9% | +25.6% |
| 2025 | -63.3% | +20.8% |
| 2026 | +119.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and QQQ good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELDN and QQQ?
As of 2026-08-27, the correlation of weekly returns between ELDN and QQQ is 0.21 over 3 years, 0.44 over 1 year and 0.17 over 5 years.
Is QQQ a good diversifier for ELDN?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eldn-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eldn-vs-qqq/)
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Related comparisons
Hubs: ELDN correlations · QQQ correlations
