ENLT vs QQQ: Correlation
How closely do Enlight Renewable Energy Ltd. (ENLT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and QQQ?
On 3 years of weekly data the ENLT/QQQ correlation comes out at 0.27, weak. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. The 5-year figure is -0.03, and annualized covariance runs at 224.7 %².
QQQ is close to the least connected end of ENLT's tracked universe, ranking #10 of 13. Correlation aside, the last 12 months split them widely, with ENLT ahead by 162.5 points (+188.8% versus +26.3%). One caveat on sizing: ENLT is 2.1 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.
ENLT vs QQQ: side by side
| ENLT (Enlight Renewable Energy Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +188.8% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 42.0% | 19.6% |
| Beta vs S&P 500 | 0.88 | 1.28 |
| Max drawdown (3Y) | -27.7% | -22.8% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | – |
| 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 | ENLT | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | -9.9% | +25.6% |
| 2025 | +163.6% | +20.8% |
| 2026 | +77.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ENLT and QQQ?
The ENLT/QQQ correlation stands at 0.27 on a 3-year window (1 year: 0.33, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ENLT?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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/enlt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/enlt-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENLT correlations · QQQ correlations
