EQNR vs QQQM: Correlation
Equinor ASA (EQNR) and Invesco Nasdaq 100 ETF (QQQM) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and QQQM?
Across a 3-year window, the weekly returns of EQNR and QQQM correlate at -0.16, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.16). Stretching to 5 years gives -0.05, with an annualized covariance of -105.2 %².
Among the 79 assets we track against EQNR, QQQM ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 50.8 percentage points (+77.2% for EQNR against +26.4% for QQQM). 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 QQQM: side by side
| EQNR (Equinor ASA) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +77.2% | +26.4% |
| 5-year return | +180.6% | +96.1% |
| Volatility (ann.) | 33.2% | 19.5% |
| Beta vs S&P 500 | -0.25 | 1.28 |
| Max drawdown (3Y) | -27.6% | -22.7% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | EQNR | QQQM |
|---|---|---|
| 2022 | +42.8% | -32.5% |
| 2023 | -0.8% | +55.0% |
| 2024 | -16.0% | +25.7% |
| 2025 | +6.1% | +20.9% |
| 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 QQQM good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and QQQM?
As of 2026-08-27, the correlation of weekly returns between EQNR and QQQM is -0.16 over 3 years, -0.44 over 1 year and -0.05 over 5 years.
Is QQQM a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eqnr-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EQNR correlations · QQQM correlations
