HCWB vs QQQ: Correlation
HCW Biologics Inc. (HCWB) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and QQQ?
Across a 3-year window, the weekly returns of HCWB and QQQ correlate at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.07) sits close to the 3-year figure. Stretching to 5 years gives 0.06, with an annualized covariance of 283.5 %².
By 3-year correlation, QQQ places #11 of the 17 assets tracked against HCWB. Correlation aside, the last 12 months split them widely, with QQQ ahead by 117.5 points (-91.2% versus +26.3%). One caveat on sizing: HCWB is 12.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HCWB vs QQQ: side by side
| HCWB (HCW Biologics Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -91.2% | +26.3% |
| 5-year return | -99.7% | +95.4% |
| Volatility (ann.) | 238.8% | 19.6% |
| Beta vs S&P 500 | 1.21 | 1.28 |
| Max drawdown (3Y) | -99.7% | -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 | HCWB | QQQ |
|---|---|---|
| 2022 | -17.5% | -32.6% |
| 2023 | -36.0% | +54.9% |
| 2024 | -63.6% | +25.6% |
| 2025 | -94.6% | +20.8% |
| 2026 | -45.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and QQQ good diversifiers for each other?
Yes. With a correlation of 0.06, HCWB and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HCWB and QQQ?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.07 over the last year and 0.06 over 5 years.
Is QQQ a good diversifier for HCWB?
Yes. With a correlation of 0.06, HCWB and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: HCWB correlations · QQQ correlations
