EQX vs QQQ: Correlation
Equinox Gold Corp. (EQX) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and QQQ?
Across a 3-year window, the weekly returns of EQX and QQQ correlate at 0.28, weak. Lately the two have moved closer together, with the 1-year correlation at 0.39 versus 0.28 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 314.4 %².
Among the 16 assets we track against EQX, QQQ sits near the bottom by co-movement, at rank #13. The last year tells two different stories: EQX led by 38.4 percentage points, +64.7% for EQX against +26.3% for QQQ. One caveat on sizing: EQX is 2.9 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.
EQX vs QQQ: side by side
| EQX (Equinox Gold Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +64.7% | +26.3% |
| 5-year return | +98.0% | +95.4% |
| Volatility (ann.) | 56.6% | 19.6% |
| Beta vs S&P 500 | 1.19 | 1.28 |
| Max drawdown (3Y) | -54.0% | -22.8% |
| Market cap | $15.7B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | 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 | EQX | QQQ |
|---|---|---|
| 2022 | -51.5% | -32.6% |
| 2023 | +49.1% | +54.9% |
| 2024 | +2.7% | +25.6% |
| 2025 | +179.7% | +20.8% |
| 2026 | -3.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and QQQ good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EQX and QQQ?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.39 over the last year and 0.32 over 5 years.
Is QQQ a good diversifier for EQX?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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
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Related comparisons
Hubs: EQX correlations · QQQ correlations
