ELV vs QQQ: Correlation
How closely do Elevance Health (ELV) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELV and QQQ?
Across a 3-year window, the weekly returns of ELV and QQQ correlate at 0.12, weak. Lately the two have moved closer together, with the 1-year correlation at 0.23 versus 0.12 over 3 years. Stretching to 5 years gives 0.18, with an annualized covariance of 67.0 %².
Within ELV's tracked universe of 27 assets, QQQ comes in at #17 by 3-year correlation. On 12-month performance ELV holds a 5.2-point edge, +31.5% against +26.3%. The relationship is regime-dependent: the rolling one-year correlation swung between -0.25 and 0.27 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ELV vs QQQ: side by side
| ELV (Elevance Health) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +31.5% | +26.3% |
| 5-year return | +15.7% | +95.4% |
| Volatility (ann.) | 28.0% | 19.6% |
| Beta vs S&P 500 | 0.37 | 1.28 |
| Max drawdown (3Y) | -50.4% | -22.8% |
| Market cap | $86.6B | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 1.70% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Health Care | 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 | ELV | QQQ |
|---|---|---|
| 2022 | +11.8% | -32.6% |
| 2023 | -6.9% | +54.9% |
| 2024 | -20.7% | +25.6% |
| 2025 | -3.1% | +20.8% |
| 2026 | +15.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELV and QQQ good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELV and QQQ?
The ELV/QQQ correlation stands at 0.12 on a 3-year window (1 year: 0.23, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ELV?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
A reading of 0.12 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/elv-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elv-vs-qqq/)
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Related comparisons
Hubs: ELV correlations · QQQ correlations
