EVLV vs QQQ: Correlation
Measured on weekly returns over the past three years, Evolv Technologies Holdings, Inc. (EVLV) and Invesco QQQ Trust (QQQ) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and QQQ?
On 3 years of weekly data the EVLV/QQQ correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 487.9 %².
QQQ is close to the least connected end of EVLV's tracked universe, ranking #9 of 12. The last year tells two different stories: QQQ led by 62.8 percentage points, -36.5% for EVLV against +26.3% for QQQ. Risk is not evenly split, since EVLV carries 4.0 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.
EVLV vs QQQ: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -36.5% | +26.3% |
| 5-year return | -34.1% | +95.4% |
| Volatility (ann.) | 78.6% | 19.6% |
| Beta vs S&P 500 | 2.05 | 1.28 |
| Max drawdown (3Y) | -69.2% | -22.8% |
| Market cap | $1.0B | – |
| 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 | EVLV | QQQ |
|---|---|---|
| 2022 | -41.9% | -32.6% |
| 2023 | +82.2% | +54.9% |
| 2024 | -16.3% | +25.6% |
| 2025 | +81.3% | +20.8% |
| 2026 | -25.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EVLV and QQQ?
The EVLV/QQQ correlation stands at 0.32 on a 3-year window (1 year: 0.29, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for EVLV?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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.
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Related comparisons
Hubs: EVLV correlations · QQQ correlations
