HEQ vs QQQ: Correlation
Measured on weekly returns over the past three years, John Hancock Diversified Income Fund (HEQ) and Invesco QQQ Trust (QQQ) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEQ and QQQ?
On 3 years of weekly data the HEQ/QQQ correlation comes out at 0.58, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.58 over 3. The 5-year figure is 0.37, and annualized covariance runs at 139.1 %².
By 3-year correlation, QQQ places #7 of the 13 assets tracked against HEQ. The trailing year gives QQQ the advantage: +20.8% versus +26.3%, a 5.5-point spread. Note the risk asymmetry: QQQ runs 1.6 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.
HEQ vs QQQ: side by side
| HEQ (John Hancock Diversified Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +20.8% | +26.3% |
| 5-year return | +43.5% | +95.4% |
| Volatility (ann.) | 12.3% | 19.6% |
| Beta vs S&P 500 | 0.59 | 1.28 |
| Max drawdown (3Y) | -11.5% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.6 | – |
| 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 | HEQ | QQQ |
|---|---|---|
| 2022 | -3.1% | -32.6% |
| 2023 | -3.1% | +54.9% |
| 2024 | +11.7% | +25.6% |
| 2025 | +15.6% | +20.8% |
| 2026 | +15.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEQ and QQQ good diversifiers for each other?
Only partially. A correlation of 0.58 means HEQ and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HEQ and QQQ?
The HEQ/QQQ correlation stands at 0.58 on a 3-year window (1 year: 0.55, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HEQ?
Only partially. A correlation of 0.58 means HEQ and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/heq-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/heq-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HEQ correlations · QQQ correlations
