HCAT vs QQQ: Correlation
Health Catalyst, Inc (HCAT) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCAT and QQQ?
On 3 years of weekly data the HCAT/QQQ correlation comes out at 0.24, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.24 over 3. The 5-year figure is 0.39, and annualized covariance runs at 334.0 %².
QQQ is close to the least connected end of HCAT's tracked universe, ranking #11 of 14. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 83.2 percentage points (-56.9% for HCAT against +26.3% for QQQ). Note the risk asymmetry: HCAT runs 3.7 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.
HCAT vs QQQ: side by side
| HCAT (Health Catalyst, Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -56.9% | +26.3% |
| 5-year return | -97.0% | +95.4% |
| Volatility (ann.) | 71.7% | 19.6% |
| Beta vs S&P 500 | 1.49 | 1.28 |
| Max drawdown (3Y) | -91.6% | -22.8% |
| Market cap | $0.1B | – |
| 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 | HCAT | QQQ |
|---|---|---|
| 2022 | -73.2% | -32.6% |
| 2023 | -12.9% | +54.9% |
| 2024 | -23.7% | +25.6% |
| 2025 | -66.2% | +20.8% |
| 2026 | -33.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCAT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCAT and QQQ?
As of 2026-08-27, the correlation of weekly returns between HCAT and QQQ is 0.24 over 3 years, 0.20 over 1 year and 0.39 over 5 years.
Is QQQ a good diversifier for HCAT?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: HCAT correlations · QQQ correlations
