HIX vs QQQ: Correlation
How closely do Western Asset High Income Fund II Inc. (HIX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIX and QQQ?
Across a 3-year window, the weekly returns of HIX and QQQ correlate at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 131.1 %².
Out of 11 assets tracked against HIX, QQQ lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 21.3 percentage points (+5.0% for HIX 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.
HIX vs QQQ: side by side
| HIX (Western Asset High Income Fund II Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.0% | +26.3% |
| 5-year return | -2.9% | +95.4% |
| Volatility (ann.) | 13.4% | 19.6% |
| Beta vs S&P 500 | 0.55 | 1.28 |
| Max drawdown (3Y) | -13.8% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 15.04% | 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 | HIX | QQQ |
|---|---|---|
| 2022 | -24.6% | -32.6% |
| 2023 | +15.7% | +54.9% |
| 2024 | -3.1% | +25.6% |
| 2025 | +13.6% | +20.8% |
| 2026 | +3.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIX and QQQ good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HIX and QQQ?
As of 2026-08-27, the correlation of weekly returns between HIX and QQQ is 0.50 over 3 years, 0.47 over 1 year and 0.51 over 5 years.
Is QQQ a good diversifier for HIX?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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: HIX correlations · QQQ correlations
