HE vs QQQ: Correlation
How closely do Hawaiian Electric Industries, Inc. (HE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of -0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and QQQ?
Across a 3-year window, the weekly returns of HE and QQQ correlate at -0.08, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.03 lands near the 3-year figure. Stretching to 5 years gives 0.07, with an annualized covariance of -97.5 %².
Within HE's tracked universe of 18 assets, QQQ comes in at #13 by 3-year correlation. The last year tells two different stories: QQQ led by 35.4 percentage points, -9.1% for HE against +26.3% for QQQ. Risk is not evenly split, since HE carries 3.0 times the volatility of the other side.
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.
HE vs QQQ: side by side
| HE (Hawaiian Electric Industries, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -9.1% | +26.3% |
| 5-year return | -71.4% | +95.4% |
| Volatility (ann.) | 58.8% | 19.6% |
| Beta vs S&P 500 | 0.09 | 1.28 |
| Max drawdown (3Y) | -53.3% | -22.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 8.9 | – |
| 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 | HE | QQQ |
|---|---|---|
| 2022 | +4.3% | -32.6% |
| 2023 | -64.6% | +54.9% |
| 2024 | -31.4% | +25.6% |
| 2025 | +26.4% | +20.8% |
| 2026 | -6.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between HE and QQQ?
Using weekly returns as of 2026-08-27: -0.08 over 3 years, with -0.03 over the last year and 0.07 over 5 years.
Is QQQ a good diversifier for HE?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
What does a correlation of -0.08 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: HE correlations · QQQ correlations
