FISI vs QQQ: Correlation
Measured on weekly returns over the past three years, Financial Institutions, Inc. (FISI) and Invesco QQQ Trust (QQQ) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FISI and QQQ?
Over the past 3 years, FISI and QQQ moved with a correlation of 0.29, which is weak. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.29). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 182.4 %².
Among the 14 assets we track against FISI, QQQ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with FISI ahead by 28.0 points (+54.3% versus +26.3%). Risk is not evenly split, since FISI carries 1.6 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.
FISI vs QQQ: side by side
| FISI (Financial Institutions, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +54.3% | +26.3% |
| 5-year return | +65.6% | +95.4% |
| Volatility (ann.) | 31.9% | 19.6% |
| Beta vs S&P 500 | 0.93 | 1.28 |
| Max drawdown (3Y) | -27.8% | -22.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 3.09% | 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 | FISI | QQQ |
|---|---|---|
| 2022 | -20.0% | -32.6% |
| 2023 | -6.8% | +54.9% |
| 2024 | +35.5% | +25.6% |
| 2025 | +19.5% | +20.8% |
| 2026 | +33.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FISI and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FISI and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.10 over the last year and 0.30 over 5 years.
Is QQQ a good diversifier for FISI?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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.
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Related comparisons
Hubs: FISI correlations · QQQ correlations
