ELLO vs QQQ: Correlation
Measured on weekly returns over the past three years, Ellomay Capital Ltd (ELLO) and Invesco QQQ Trust (QQQ) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELLO and QQQ?
Over the past 3 years, ELLO and QQQ moved with a correlation of 0.11, which is weak. The relationship has been stable: the 1-year correlation (0.08) sits close to the 3-year figure. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 82.2 %².
Among the 10 assets we track against ELLO, QQQ sits near the bottom by co-movement, at rank #7. The trailing year gives QQQ the advantage: +15.5% versus +26.3%, a 10.8-point spread. One caveat on sizing: ELLO is 2.0 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.
ELLO vs QQQ: side by side
| ELLO (Ellomay Capital Ltd) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +15.5% | +26.3% |
| 5-year return | -28.2% | +95.4% |
| Volatility (ann.) | 39.3% | 19.6% |
| Beta vs S&P 500 | 0.36 | 1.28 |
| Max drawdown (3Y) | -41.7% | -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 | ELLO | QQQ |
|---|---|---|
| 2022 | -47.5% | -32.6% |
| 2023 | +0.3% | +54.9% |
| 2024 | +8.7% | +25.6% |
| 2025 | +49.5% | +20.8% |
| 2026 | -16.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELLO and QQQ good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELLO and QQQ?
As of 2026-08-27, the correlation of weekly returns between ELLO and QQQ is 0.11 over 3 years, 0.08 over 1 year and 0.20 over 5 years.
Is QQQ a good diversifier for ELLO?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
A reading of 0.11 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: ELLO correlations · QQQ correlations
