HMY vs QQQ: Correlation
Measured on weekly returns over the past three years, Harmony Gold Mining Company Limited (HMY) and Invesco QQQ Trust (QQQ) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMY and QQQ?
Across a 3-year window, the weekly returns of HMY and QQQ correlate at 0.25, weak. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.25 over 3 years. Stretching to 5 years gives 0.24, with an annualized covariance of 305.8 %².
Out of 11 assets tracked against HMY, QQQ lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months HMY outperformed by 19.8 percentage points (+46.1% for HMY against +26.3% for QQQ). Risk is not evenly split, since HMY carries 3.2 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.
HMY vs QQQ: side by side
| HMY (Harmony Gold Mining Company Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +46.1% | +26.3% |
| 5-year return | +492.0% | +95.4% |
| Volatility (ann.) | 63.5% | 19.6% |
| Beta vs S&P 500 | 1.18 | 1.28 |
| Max drawdown (3Y) | -48.8% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 13.9 | – |
| 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 | HMY | QQQ |
|---|---|---|
| 2022 | -16.4% | -32.6% |
| 2023 | +82.5% | +54.9% |
| 2024 | +35.4% | +25.6% |
| 2025 | +144.2% | +20.8% |
| 2026 | +7.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMY and QQQ good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HMY and QQQ?
As of 2026-08-27, the correlation of weekly returns between HMY and QQQ is 0.25 over 3 years, 0.44 over 1 year and 0.24 over 5 years.
Is QQQ a good diversifier for HMY?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 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.
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Related comparisons
Hubs: HMY correlations · QQQ correlations
