ETN vs QQQ: Correlation
How closely do Eaton Corporation (ETN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and QQQ?
On 3 years of weekly data the ETN/QQQ correlation comes out at 0.60, strong. The past 12 months show a weaker link (0.38) than the 3-year average (0.60). The 5-year figure is 0.57, and annualized covariance runs at 353.5 %².
By 3-year correlation, QQQ places #20 of the 44 assets tracked against ETN. Over the last 12 months QQQ came out ahead by 6.6 percentage points (+19.7% against +26.3%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.23 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ETN runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ETN vs QQQ: side by side
| ETN (Eaton Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.7% | +26.3% |
| 5-year return | +164.1% | +95.4% |
| Volatility (ann.) | 30.2% | 19.6% |
| Beta vs S&P 500 | 1.33 | 1.28 |
| Max drawdown (3Y) | -34.5% | -22.8% |
| Market cap | $161.6B | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 1.02% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Industrials | 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 | ETN | QQQ |
|---|---|---|
| 2022 | -7.2% | -32.6% |
| 2023 | +56.2% | +54.9% |
| 2024 | +39.5% | +25.6% |
| 2025 | -2.8% | +20.8% |
| 2026 | +31.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and QQQ good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ETN and QQQ?
The ETN/QQQ correlation stands at 0.60 on a 3-year window (1 year: 0.38, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ETN?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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/etn-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etn-vs-qqq/)
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Related comparisons
Hubs: ETN correlations · QQQ correlations
