HGBL vs QQQ: Correlation
Measured on weekly returns over the past three years, Heritage Global Inc. (HGBL) and Invesco QQQ Trust (QQQ) carry a correlation of -0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGBL and QQQ?
Across a 3-year window, the weekly returns of HGBL and QQQ correlate at -0.01, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.09) sits close to the 3-year figure. Stretching to 5 years gives 0.11, with an annualized covariance of -7.7 %².
Out of 10 assets tracked against HGBL, QQQ lands near the bottom at #7. The last year tells two different stories: QQQ led by 60.0 percentage points, -33.7% for HGBL against +26.3% for QQQ. Risk is not evenly split, since HGBL carries 1.8 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.
HGBL vs QQQ: side by side
| HGBL (Heritage Global Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -33.7% | +26.3% |
| 5-year return | -41.3% | +95.4% |
| Volatility (ann.) | 34.6% | 19.6% |
| Beta vs S&P 500 | 0.08 | 1.28 |
| Max drawdown (3Y) | -70.7% | -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 | HGBL | QQQ |
|---|---|---|
| 2022 | +25.7% | -32.6% |
| 2023 | +18.3% | +54.9% |
| 2024 | -33.5% | +25.6% |
| 2025 | -33.0% | +20.8% |
| 2026 | +3.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGBL and QQQ good diversifiers for each other?
Yes. With a correlation of -0.01, HGBL and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HGBL and QQQ?
Using weekly returns as of 2026-08-27: -0.01 over 3 years, with -0.09 over the last year and 0.11 over 5 years.
Is QQQ a good diversifier for HGBL?
Yes. With a correlation of -0.01, HGBL and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.01 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: HGBL correlations · QQQ correlations
