HIHO vs QQQ: Correlation
How closely do Highway Holdings Limited (HIHO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIHO and QQQ?
Across a 3-year window, the weekly returns of HIHO and QQQ correlate at 0.10, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.10 over 3. Stretching to 5 years gives 0.09, with an annualized covariance of 140.5 %².
Out of 10 assets tracked against HIHO, QQQ lands near the bottom at #7. The last year tells two different stories: QQQ led by 73.0 percentage points, -46.7% for HIHO against +26.3% for QQQ. Risk is not evenly split, since HIHO carries 3.6 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.
HIHO vs QQQ: side by side
| HIHO (Highway Holdings Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -46.7% | +26.3% |
| 5-year return | -69.9% | +95.4% |
| Volatility (ann.) | 70.6% | 19.6% |
| Beta vs S&P 500 | 0.55 | 1.28 |
| Max drawdown (3Y) | -70.9% | -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 | HIHO | QQQ |
|---|---|---|
| 2022 | -43.3% | -32.6% |
| 2023 | +0.9% | +54.9% |
| 2024 | +3.5% | +25.6% |
| 2025 | -18.5% | +20.8% |
| 2026 | -41.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIHO and QQQ good diversifiers for each other?
Yes. With a correlation of 0.10, HIHO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HIHO and QQQ?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.18 over the last year and 0.09 over 5 years.
Is QQQ a good diversifier for HIHO?
Yes. With a correlation of 0.10, HIHO and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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.
Use this data
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Related comparisons
Hubs: HIHO correlations · QQQ correlations
