EQNR vs QQQ: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and Invesco QQQ Trust (QQQ) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and QQQ?
On 3 years of weekly data the EQNR/QQQ correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.16 over 3 years. The 5-year figure is -0.05, and annualized covariance runs at -105.5 %².
Within EQNR's tracked universe of 79 assets, QQQ comes in at #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQNR ahead by 50.9 points (+77.2% versus +26.3%). Note the risk asymmetry: EQNR runs 1.7 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.
EQNR vs QQQ: side by side
| EQNR (Equinor ASA) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +77.2% | +26.3% |
| 5-year return | +180.6% | +95.4% |
| Volatility (ann.) | 33.2% | 19.6% |
| Beta vs S&P 500 | -0.25 | 1.28 |
| Max drawdown (3Y) | -27.6% | -22.8% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 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 | EQNR | QQQ |
|---|---|---|
| 2022 | +42.8% | -32.6% |
| 2023 | -0.8% | +54.9% |
| 2024 | -16.0% | +25.6% |
| 2025 | +6.1% | +20.8% |
| 2026 | +81.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and QQQ good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQNR and QQQ?
The EQNR/QQQ correlation stands at -0.16 on a 3-year window (1 year: -0.44, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for EQNR?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 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/eqnr-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · QQQ correlations
