FLEX vs QQQ: Correlation
How closely do Flex Ltd. (FLEX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and QQQ?
On 3 years of weekly data the FLEX/QQQ correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.52 over 3. The 5-year figure is 0.53, and annualized covariance runs at 521.5 %².
By 3-year correlation, QQQ places #21 of the 45 assets tracked against FLEX. Their recent paths diverged sharply: over the last 12 months FLEX outperformed by 88.3 percentage points (+114.6% for FLEX against +26.3% for QQQ). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.27 to 0.78. Risk is not evenly split, since FLEX 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.
FLEX vs QQQ: side by side
| FLEX (Flex Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +114.6% | +26.3% |
| 5-year return | +716.5% | +95.4% |
| Volatility (ann.) | 50.9% | 19.6% |
| Beta vs S&P 500 | 1.70 | 1.28 |
| Max drawdown (3Y) | -40.0% | -22.8% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Information Technology | 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 | FLEX | QQQ |
|---|---|---|
| 2022 | +17.1% | -32.6% |
| 2023 | +41.9% | +54.9% |
| 2024 | +67.2% | +25.6% |
| 2025 | +57.4% | +20.8% |
| 2026 | +90.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and QQQ good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FLEX and QQQ?
As of 2026-08-27, the correlation of weekly returns between FLEX and QQQ is 0.52 over 3 years, 0.49 over 1 year and 0.53 over 5 years.
Is QQQ a good diversifier for FLEX?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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
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Related comparisons
Hubs: FLEX correlations · QQQ correlations
