FWRG vs QQQ: Correlation
First Watch Restaurant Group, Inc. (FWRG) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRG and QQQ?
Over the past 3 years, FWRG and QQQ moved with a correlation of 0.24, which is weak. Recent behaviour matches the longer record: 0.26 over 1 year against 0.24 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 235.3 %².
Out of 11 assets tracked against FWRG, QQQ lands near the bottom at #8. The last year tells two different stories: QQQ led by 60.6 percentage points, -34.3% for FWRG against +26.3% for QQQ. Note the risk asymmetry: FWRG runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FWRG vs QQQ: side by side
| FWRG (First Watch Restaurant Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -34.3% | +26.3% |
| 5-year return | -44.1% | +95.4% |
| Volatility (ann.) | 49.3% | 19.6% |
| Beta vs S&P 500 | 1.01 | 1.28 |
| Max drawdown (3Y) | -60.4% | -22.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 45.9 | – |
| 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 | FWRG | QQQ |
|---|---|---|
| 2022 | -19.3% | -32.6% |
| 2023 | +48.6% | +54.9% |
| 2024 | -7.4% | +25.6% |
| 2025 | -19.0% | +20.8% |
| 2026 | -17.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRG and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRG and QQQ?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.26 over the last year and 0.34 over 5 years.
Is QQQ a good diversifier for FWRG?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwrg-vs-qqq.json
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[](https://www.pairbook.io/pair/fwrg-vs-qqq/)
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Related comparisons
Hubs: FWRG correlations · QQQ correlations
