EXLS vs QQQ: Correlation
How closely do ExlService Holdings, Inc. (EXLS) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXLS and QQQ?
Over the past 3 years, EXLS and QQQ moved with a correlation of 0.29, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.29 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 178.5 %².
QQQ is close to the least connected end of EXLS's tracked universe, ranking #44 of 47. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 39.7 percentage points (-13.4% for EXLS against +26.3% for QQQ). One caveat on sizing: EXLS is 1.6 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.
EXLS vs QQQ: side by side
| EXLS (ExlService Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -13.4% | +26.3% |
| 5-year return | +55.2% | +95.4% |
| Volatility (ann.) | 31.7% | 19.6% |
| Beta vs S&P 500 | 0.77 | 1.28 |
| Max drawdown (3Y) | -51.3% | -22.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 23.7 | – |
| 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 | EXLS | QQQ |
|---|---|---|
| 2022 | +17.0% | -32.6% |
| 2023 | -9.0% | +54.9% |
| 2024 | +43.9% | +25.6% |
| 2025 | -4.4% | +20.8% |
| 2026 | -10.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXLS and QQQ good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EXLS and QQQ?
The EXLS/QQQ correlation stands at 0.29 on a 3-year window (1 year: 0.08, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for EXLS?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exls-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exls-vs-qqq/)
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Related comparisons
Hubs: EXLS correlations · QQQ correlations
