ELF vs QQQ: Correlation
Measured on weekly returns over the past three years, e.l.f. Beauty, Inc. (ELF) and Invesco QQQ Trust (QQQ) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and QQQ?
Across a 3-year window, the weekly returns of ELF and QQQ correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 577.0 %².
Within ELF's tracked universe of 14 assets, QQQ comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 41.3 points (-15.0% versus +26.3%). Note the risk asymmetry: ELF runs 3.5 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.
ELF vs QQQ: side by side
| ELF (e.l.f. Beauty, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -15.0% | +26.3% |
| 5-year return | +244.4% | +95.4% |
| Volatility (ann.) | 67.7% | 19.6% |
| Beta vs S&P 500 | 2.00 | 1.28 |
| Max drawdown (3Y) | -77.3% | -22.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 108.3 | – |
| 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 | ELF | QQQ |
|---|---|---|
| 2022 | +66.5% | -32.6% |
| 2023 | +161.0% | +54.9% |
| 2024 | -13.0% | +25.6% |
| 2025 | -39.4% | +20.8% |
| 2026 | +39.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELF and QQQ good diversifiers for each other?
Reasonably. At 0.44, ELF and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELF and QQQ?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.46 over the last year and 0.41 over 5 years.
Is QQQ a good diversifier for ELF?
Reasonably. At 0.44, ELF and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/elf-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elf-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELF correlations · QQQ correlations
