HCA vs QQQ: Correlation
HCA Healthcare (HCA) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and QQQ?
On 3 years of weekly data the HCA/QQQ correlation comes out at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.15 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 77.8 %².
By 3-year correlation, QQQ places #22 of the 32 assets tracked against HCA. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 22.1 percentage points (+4.2% for HCA against +26.3% for QQQ). The rolling one-year correlation moved between -0.03 and 0.45 over the past three years, a moderate range.
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.
HCA vs QQQ: side by side
| HCA (HCA Healthcare) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +4.2% | +26.3% |
| 5-year return | +72.5% | +95.4% |
| Volatility (ann.) | 26.9% | 19.6% |
| Beta vs S&P 500 | 0.42 | 1.28 |
| Max drawdown (3Y) | -33.6% | -22.8% |
| Market cap | $90.8B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.70% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Health Care | 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 | HCA | QQQ |
|---|---|---|
| 2022 | -5.6% | -32.6% |
| 2023 | +13.8% | +54.9% |
| 2024 | +11.8% | +25.6% |
| 2025 | +56.7% | +20.8% |
| 2026 | -9.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCA and QQQ good diversifiers for each other?
Yes. With a correlation of 0.15, HCA and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HCA and QQQ?
The HCA/QQQ correlation stands at 0.15 on a 3-year window (1 year: 0.04, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HCA?
Yes. With a correlation of 0.15, HCA and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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: HCA correlations · QQQ correlations
