HBNC vs QQQ: Correlation
How closely do Horizon Bancorp, Inc. (HBNC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and QQQ?
Over the past 3 years, HBNC and QQQ moved with a correlation of 0.29, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.29 over 3 years. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 182.7 %².
Among the 17 assets we track against HBNC, QQQ sits near the bottom by co-movement, at rank #14. Neither side won the trailing year by much: +22.1% against +26.3%. Note the risk asymmetry: HBNC runs 1.7 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.
HBNC vs QQQ: side by side
| HBNC (Horizon Bancorp, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +22.1% | +26.3% |
| 5-year return | +36.0% | +95.4% |
| Volatility (ann.) | 32.7% | 19.6% |
| Beta vs S&P 500 | 0.96 | 1.28 |
| Max drawdown (3Y) | -29.6% | -22.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.27% | 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 | HBNC | QQQ |
|---|---|---|
| 2022 | -25.3% | -32.6% |
| 2023 | +0.4% | +54.9% |
| 2024 | +18.2% | +25.6% |
| 2025 | +9.8% | +20.8% |
| 2026 | +18.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and QQQ good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBNC and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.12 over the last year and 0.26 over 5 years.
Is QQQ a good diversifier for HBNC?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: HBNC correlations · QQQ correlations
