GVA vs QQQ: Correlation
Measured on weekly returns over the past three years, Granite Construction Incorporated (GVA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and QQQ?
Across a 3-year window, the weekly returns of GVA and QQQ correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.38 over 3 years. Stretching to 5 years gives 0.38, with an annualized covariance of 263.8 %².
QQQ is close to the least connected end of GVA's tracked universe, ranking #10 of 14. Over the last 12 months QQQ came out ahead by 12.4 percentage points (+13.9% against +26.3%). Risk is not evenly split, since GVA carries 1.8 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.
GVA vs QQQ: side by side
| GVA (Granite Construction Incorporated) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +13.9% | +26.3% |
| 5-year return | +219.9% | +95.4% |
| Volatility (ann.) | 35.5% | 19.6% |
| Beta vs S&P 500 | 1.13 | 1.28 |
| Max drawdown (3Y) | -29.1% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.42% | 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 | GVA | QQQ |
|---|---|---|
| 2022 | -7.8% | -32.6% |
| 2023 | +46.8% | +54.9% |
| 2024 | +73.8% | +25.6% |
| 2025 | +32.2% | +20.8% |
| 2026 | +8.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and QQQ good diversifiers for each other?
Reasonably. At 0.38, GVA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GVA and QQQ?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.04 over the last year and 0.38 over 5 years.
Is QQQ a good diversifier for GVA?
Reasonably. At 0.38, GVA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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
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[](https://www.pairbook.io/pair/gva-vs-qqq/)
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Related comparisons
Hubs: GVA correlations · QQQ correlations
