HL vs QQQ: Correlation
Hecla Mining Company (HL) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and QQQ?
On 3 years of weekly data the HL/QQQ correlation comes out at 0.29, weak. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 377.1 %².
QQQ is close to the least connected end of HL's tracked universe, ranking #13 of 16. Their recent paths diverged sharply: over the last 12 months HL outperformed by 140.8 percentage points (+167.1% for HL against +26.3% for QQQ). Note the risk asymmetry: HL runs 3.4 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.
HL vs QQQ: side by side
| HL (Hecla Mining Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +167.1% | +26.3% |
| 5-year return | +265.0% | +95.4% |
| Volatility (ann.) | 66.9% | 19.6% |
| Beta vs S&P 500 | 1.50 | 1.28 |
| Max drawdown (3Y) | -55.8% | -22.8% |
| Market cap | $14.4B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.07% | 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 | HL | QQQ |
|---|---|---|
| 2022 | +7.0% | -32.6% |
| 2023 | -13.0% | +54.9% |
| 2024 | +2.8% | +25.6% |
| 2025 | +291.8% | +20.8% |
| 2026 | +11.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and QQQ good diversifiers for each other?
Reasonably. At 0.29, HL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HL and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.34 over the last year and 0.30 over 5 years.
Is QQQ a good diversifier for HL?
Reasonably. At 0.29, HL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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
$ curl https://www.pairbook.io/api/v1/pairs/hl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hl-vs-qqq/)
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Related comparisons
Hubs: HL correlations · QQQ correlations
