ELF vs QQQM: Correlation
e.l.f. Beauty, Inc. (ELF) and Invesco Nasdaq 100 ETF (QQQM) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and QQQM?
Over the past 3 years, ELF and QQQM moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 575.4 %².
Among the 14 assets we track against ELF, QQQM ranks #6 by 3-year correlation. The last year tells two different stories: QQQM led by 41.4 percentage points, -15.0% for ELF against +26.4% for QQQM. One caveat on sizing: ELF is 3.5 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.
ELF vs QQQM: side by side
| ELF (e.l.f. Beauty, Inc.) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | -15.0% | +26.4% |
| 5-year return | +244.4% | +96.1% |
| Volatility (ann.) | 67.7% | 19.5% |
| Beta vs S&P 500 | 2.00 | 1.28 |
| Max drawdown (3Y) | -77.3% | -22.7% |
| Market cap | $6.3B | – |
| P/E (trailing) | 108.3 | – |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | ELF | QQQM |
|---|---|---|
| 2022 | +66.5% | -32.5% |
| 2023 | +161.0% | +55.0% |
| 2024 | -13.0% | +25.7% |
| 2025 | -39.4% | +20.9% |
| 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 QQQM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELF and QQQM?
As of 2026-08-27, the correlation of weekly returns between ELF and QQQM is 0.44 over 3 years, 0.46 over 1 year and 0.41 over 5 years.
Is QQQM a good diversifier for ELF?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined 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.
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Related comparisons
Hubs: ELF correlations · QQQM correlations
