ESTC vs QQQ: Correlation
How closely do Elastic N.V. (ESTC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and QQQ?
Across a 3-year window, the weekly returns of ESTC and QQQ correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 408.3 %².
Among the 14 assets we track against ESTC, QQQ ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 25.8 points (+0.5% versus +26.3%). Risk is not evenly split, since ESTC carries 2.8 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.
ESTC vs QQQ: side by side
| ESTC (Elastic N.V.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +0.5% | +26.3% |
| 5-year return | -47.3% | +95.4% |
| Volatility (ann.) | 55.1% | 19.6% |
| Beta vs S&P 500 | 1.44 | 1.28 |
| Max drawdown (3Y) | -67.6% | -22.8% |
| Market cap | $8.7B | – |
| P/E (trailing) | 23.1 | – |
| 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 | ESTC | QQQ |
|---|---|---|
| 2022 | -58.2% | -32.6% |
| 2023 | +118.8% | +54.9% |
| 2024 | -12.1% | +25.6% |
| 2025 | -23.9% | +20.8% |
| 2026 | +11.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and QQQ good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESTC and QQQ?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.41 over the last year and 0.53 over 5 years.
Is QQQ a good diversifier for ESTC?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/estc-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/estc-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESTC correlations · QQQ correlations
