ESAB vs QQQ: Correlation
How closely do ESAB Corporation (ESAB) 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 ESAB and QQQ?
Over the past 3 years, ESAB and QQQ moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 314.8 %².
Among the 13 assets we track against ESAB, QQQ sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 58.8 percentage points (-32.5% for ESAB against +26.3% for QQQ). Risk is not evenly split, since ESAB carries 1.9 times the volatility of the other side.
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.
ESAB vs QQQ: side by side
| ESAB (ESAB Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -32.5% | +26.3% |
| 5-year return | +60.4% | +95.4% |
| Volatility (ann.) | 36.3% | 19.6% |
| Beta vs S&P 500 | 1.30 | 1.28 |
| Max drawdown (3Y) | -41.6% | -22.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 0.51% | 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 | ESAB | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | +85.2% | +54.9% |
| 2024 | +38.9% | +25.6% |
| 2025 | -6.5% | +20.8% |
| 2026 | -29.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESAB and QQQ?
The ESAB/QQQ correlation stands at 0.44 on a 3-year window (1 year: 0.42, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ESAB?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ESAB correlations · QQQ correlations
