EVH vs QQQ: Correlation
Measured on weekly returns over the past three years, Evolent Health, Inc (EVH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVH and QQQ?
Over the past 3 years, EVH and QQQ moved with a correlation of 0.15, which is weak. The past 12 months show a tighter link (0.34) than the 3-year average (0.15). Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 206.3 %².
By 3-year correlation, QQQ places #8 of the 13 assets tracked against EVH. The last year tells two different stories: QQQ led by 78.6 percentage points, -52.3% for EVH against +26.3% for QQQ. One caveat on sizing: EVH is 3.7 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.
EVH vs QQQ: side by side
| EVH (Evolent Health, Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -52.3% | +26.3% |
| 5-year return | -81.3% | +95.4% |
| Volatility (ann.) | 72.4% | 19.6% |
| Beta vs S&P 500 | 0.65 | 1.28 |
| Max drawdown (3Y) | -93.8% | -22.8% |
| Market cap | $0.5B | – |
| 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 | EVH | QQQ |
|---|---|---|
| 2022 | +1.5% | -32.6% |
| 2023 | +17.6% | +54.9% |
| 2024 | -65.9% | +25.6% |
| 2025 | -64.4% | +20.8% |
| 2026 | +14.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVH and QQQ good diversifiers for each other?
Yes. With a correlation of 0.15, EVH and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EVH and QQQ?
As of 2026-08-27, the correlation of weekly returns between EVH and QQQ is 0.15 over 3 years, 0.34 over 1 year and 0.20 over 5 years.
Is QQQ a good diversifier for EVH?
Yes. With a correlation of 0.15, EVH and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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/evh-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/evh-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVH correlations · QQQ correlations
