HESM vs QQQ: Correlation
How closely do Hess Midstream LP Class A Representing Limited Partner (HESM) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HESM and QQQ?
Over the past 3 years, HESM and QQQ moved with a correlation of 0.13, which is weak. The link has loosened recently: the 1-year correlation (-0.23) runs below the 3-year figure (0.13). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 54.3 %².
Among the 10 assets we track against HESM, QQQ sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 21.7 percentage points (+4.6% for HESM against +26.3% for QQQ).
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.
HESM vs QQQ: side by side
| HESM (Hess Midstream LP Class A Representing Limited Partner) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +4.6% | +26.3% |
| 5-year return | +131.3% | +95.4% |
| Volatility (ann.) | 21.7% | 19.6% |
| Beta vs S&P 500 | 0.36 | 1.28 |
| Max drawdown (3Y) | -25.8% | -22.8% |
| Market cap | $8.2B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.70% | 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 | HESM | QQQ |
|---|---|---|
| 2022 | +16.6% | -32.6% |
| 2023 | +14.4% | +54.9% |
| 2024 | +26.4% | +25.6% |
| 2025 | +0.6% | +20.8% |
| 2026 | +22.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HESM and QQQ good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HESM and QQQ?
The HESM/QQQ correlation stands at 0.13 on a 3-year window (1 year: -0.23, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HESM?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HESM correlations · QQQ correlations
