ESTA vs QQQ: Correlation
How closely do Establishment Labs Holdings Inc. (ESTA) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and QQQ?
On 3 years of weekly data the ESTA/QQQ correlation comes out at 0.14, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.14). The 5-year figure is 0.26, and annualized covariance runs at 191.4 %².
QQQ is close to the least connected end of ESTA's tracked universe, ranking #9 of 12. Correlation aside, the last 12 months split them widely, with ESTA ahead by 42.9 points (+69.2% versus +26.3%). One caveat on sizing: ESTA is 3.6 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.
ESTA vs QQQ: side by side
| ESTA (Establishment Labs Holdings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +69.2% | +26.3% |
| 5-year return | -0.0% | +95.4% |
| Volatility (ann.) | 70.5% | 19.6% |
| Beta vs S&P 500 | 1.02 | 1.28 |
| Max drawdown (3Y) | -64.1% | -22.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | ESTA | QQQ |
|---|---|---|
| 2022 | -2.9% | -32.6% |
| 2023 | -60.6% | +54.9% |
| 2024 | +77.9% | +25.6% |
| 2025 | +58.2% | +20.8% |
| 2026 | -1.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESTA and QQQ?
The ESTA/QQQ correlation stands at 0.14 on a 3-year window (1 year: 0.03, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ESTA?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 mean?
A reading of 0.14 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: ESTA correlations · QQQ correlations
