GFL vs QQQ: Correlation
Measured on weekly returns over the past three years, GFL Environmental Inc. Subordinate voting shares, no par (GFL) and Invesco QQQ Trust (QQQ) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFL and QQQ?
Over the past 3 years, GFL and QQQ moved with a correlation of 0.20, which is weak. The past 12 months show a weaker link (-0.16) than the 3-year average (0.20). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 110.8 %².
Out of 11 assets tracked against GFL, QQQ lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with QQQ ahead by 43.6 points (-17.3% versus +26.3%).
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.
GFL vs QQQ: side by side
| GFL (GFL Environmental Inc. Subordinate voting shares, no par) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -17.3% | +26.3% |
| 5-year return | +17.2% | +95.4% |
| Volatility (ann.) | 27.9% | 19.6% |
| Beta vs S&P 500 | 0.47 | 1.28 |
| Max drawdown (3Y) | -34.9% | -22.8% |
| Market cap | $14.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.20% | 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 | GFL | QQQ |
|---|---|---|
| 2022 | -22.6% | -32.6% |
| 2023 | +18.2% | +54.9% |
| 2024 | +29.3% | +25.6% |
| 2025 | -3.5% | +20.8% |
| 2026 | -4.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GFL and QQQ?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.16 over the last year and 0.40 over 5 years.
Is QQQ a good diversifier for GFL?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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
$ curl https://www.pairbook.io/api/v1/pairs/gfl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gfl-vs-qqq/)
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Related comparisons
Hubs: GFL correlations · QQQ correlations
