ENVX vs QQQ: Correlation
How closely do Enovix Corporation (ENVX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and QQQ?
Over the past 3 years, ENVX and QQQ moved with a correlation of 0.44, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 765.8 %².
Among the 22 assets we track against ENVX, QQQ ranks #9 by 3-year correlation. The last year tells two different stories: QQQ led by 92.2 percentage points, -65.9% for ENVX against +26.3% for QQQ. Note the risk asymmetry: ENVX runs 4.5 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.
ENVX vs QQQ: side by side
| ENVX (Enovix Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -65.9% | +26.3% |
| 5-year return | -76.8% | +95.4% |
| Volatility (ann.) | 88.0% | 19.6% |
| Beta vs S&P 500 | 2.61 | 1.28 |
| Max drawdown (3Y) | -82.9% | -22.8% |
| Market cap | $0.8B | – |
| 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 | ENVX | QQQ |
|---|---|---|
| 2022 | -54.4% | -32.6% |
| 2023 | +0.6% | +54.9% |
| 2024 | -13.2% | +25.6% |
| 2025 | -32.8% | +20.8% |
| 2026 | -50.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and QQQ good diversifiers for each other?
Reasonably. At 0.44, ENVX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENVX and QQQ?
As of 2026-08-27, the correlation of weekly returns between ENVX and QQQ is 0.44 over 3 years, 0.50 over 1 year and 0.48 over 5 years.
Is QQQ a good diversifier for ENVX?
Reasonably. At 0.44, ENVX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/envx-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/envx-vs-qqq/)
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Related comparisons
Hubs: ENVX correlations · QQQ correlations
