HG vs QQQ: Correlation
How closely do Hamilton Insurance Group, Ltd. Class B (HG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of -0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and QQQ?
Across a 3-year window, the weekly returns of HG and QQQ correlate at -0.06, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.25) runs below the 3-year figure (-0.06). Stretching to 5 years gives n/a, with an annualized covariance of -36.7 %².
Out of 12 assets tracked against HG, QQQ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with HG ahead by 29.3 points (+55.6% versus +26.3%). Note the risk asymmetry: HG runs 1.5 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.
HG vs QQQ: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +55.6% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 30.1% | 19.6% |
| Beta vs S&P 500 | 0.12 | 1.28 |
| Max drawdown (3Y) | -21.1% | -22.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 6.2 | – |
| 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 | HG | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | +27.3% | +25.6% |
| 2025 | +46.6% | +20.8% |
| 2026 | +35.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between HG and QQQ?
The HG/QQQ correlation stands at -0.06 on a 3-year window (1 year: -0.25, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HG?
By historical standards, yes. A correlation of -0.06 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: HG correlations · QQQ correlations
