ESLT vs QQQ: Correlation
Measured on weekly returns over the past three years, Elbit Systems Ltd. (ESLT) and Invesco QQQ Trust (QQQ) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and QQQ?
On 3 years of weekly data the ESLT/QQQ correlation comes out at 0.09, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.08) sits close to the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 63.4 %².
Out of 13 assets tracked against ESLT, QQQ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with ESLT ahead by 22.2 points (+48.5% versus +26.3%). One caveat on sizing: ESLT is 1.9 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.
ESLT vs QQQ: side by side
| ESLT (Elbit Systems Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +48.5% | +26.3% |
| 5-year return | +410.2% | +95.4% |
| Volatility (ann.) | 36.5% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -29.3% | -22.8% |
| Market cap | $33.7B | – |
| P/E (trailing) | 54.4 | – |
| Dividend yield | 0.52% | 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 | ESLT | QQQ |
|---|---|---|
| 2022 | -4.8% | -32.6% |
| 2023 | +31.3% | +54.9% |
| 2024 | +22.2% | +25.6% |
| 2025 | +125.1% | +20.8% |
| 2026 | +24.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and QQQ good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESLT and QQQ?
As of 2026-08-27, the correlation of weekly returns between ESLT and QQQ is 0.09 over 3 years, 0.08 over 1 year and 0.09 over 5 years.
Is QQQ a good diversifier for ESLT?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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/eslt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eslt-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESLT correlations · QQQ correlations
