GRN vs QQQ: Correlation
How closely do iPath Series B Carbon Exchange-Traded Notes (GRN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRN and QQQ?
Over the past 3 years, GRN and QQQ moved with a correlation of 0.21, which is weak. Recent behaviour matches the longer record: 0.28 over 1 year against 0.21 over 3. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 119.6 %².
QQQ is close to the least connected end of GRN's tracked universe, ranking #6 of 10. The trailing year gives QQQ the advantage: +14.7% versus +26.3%, a 11.6-point spread. Risk is not evenly split, since GRN carries 1.5 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.
GRN vs QQQ: side by side
| GRN (iPath Series B Carbon Exchange-Traded Notes) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +14.7% | +26.3% |
| 5-year return | +36.8% | +95.4% |
| Volatility (ann.) | 29.5% | 19.6% |
| Beta vs S&P 500 | 0.40 | 1.28 |
| Max drawdown (3Y) | -40.7% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 3.5 | – |
| 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 | GRN | QQQ |
|---|---|---|
| 2022 | -0.1% | -32.6% |
| 2023 | -3.0% | +54.9% |
| 2024 | -7.3% | +25.6% |
| 2025 | +20.3% | +20.8% |
| 2026 | -3.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRN and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GRN and QQQ?
As of 2026-08-27, the correlation of weekly returns between GRN and QQQ is 0.21 over 3 years, 0.28 over 1 year and 0.13 over 5 years.
Is QQQ a good diversifier for GRN?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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/grn-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/grn-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GRN correlations · QQQ correlations
