FIVE vs QQQ: Correlation
How closely do Five Below, Inc. (FIVE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIVE and QQQ?
Across a 3-year window, the weekly returns of FIVE and QQQ correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 378.3 %².
Within FIVE's tracked universe of 13 assets, QQQ comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FIVE outperformed by 44.7 percentage points (+71.0% for FIVE against +26.3% for QQQ). Risk is not evenly split, since FIVE carries 2.6 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.
FIVE vs QQQ: side by side
| FIVE (Five Below, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +71.0% | +26.3% |
| 5-year return | +15.1% | +95.4% |
| Volatility (ann.) | 50.8% | 19.6% |
| Beta vs S&P 500 | 1.42 | 1.28 |
| Max drawdown (3Y) | -74.1% | -22.8% |
| Market cap | $13.7B | – |
| P/E (trailing) | 31.2 | – |
| 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 | FIVE | QQQ |
|---|---|---|
| 2022 | -14.5% | -32.6% |
| 2023 | +20.5% | +54.9% |
| 2024 | -50.8% | +25.6% |
| 2025 | +79.5% | +20.8% |
| 2026 | +31.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIVE and QQQ good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FIVE and QQQ?
The FIVE/QQQ correlation stands at 0.38 on a 3-year window (1 year: 0.30, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for FIVE?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: FIVE correlations · QQQ correlations
