GWH vs QQQ: Correlation
Measured on weekly returns over the past three years, ESS Tech, Inc. (GWH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and QQQ?
Across a 3-year window, the weekly returns of GWH and QQQ correlate at 0.11, weak. The past 12 months show a weaker link (-0.10) than the 3-year average (0.11). Stretching to 5 years gives 0.20, with an annualized covariance of 258.9 %².
Out of 12 assets tracked against GWH, QQQ lands near the bottom at #9. The last year tells two different stories: QQQ led by 102.5 percentage points, -76.2% for GWH against +26.3% for QQQ. Note the risk asymmetry: GWH runs 6.2 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.
GWH vs QQQ: side by side
| GWH (ESS Tech, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -76.2% | +26.3% |
| 5-year return | -99.8% | +95.4% |
| Volatility (ann.) | 122.3% | 19.6% |
| Beta vs S&P 500 | 1.11 | 1.28 |
| Max drawdown (3Y) | -98.8% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GWH | QQQ |
|---|---|---|
| 2022 | -78.8% | -32.6% |
| 2023 | -53.1% | +54.9% |
| 2024 | -65.6% | +25.6% |
| 2025 | -68.0% | +20.8% |
| 2026 | -80.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between GWH and QQQ?
The GWH/QQQ correlation stands at 0.11 on a 3-year window (1 year: -0.10, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for GWH?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 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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Related comparisons
Hubs: GWH correlations · QQQ correlations
