HNRG vs QQQ: Correlation
Measured on weekly returns over the past three years, Hallador Energy Company (HNRG) and Invesco QQQ Trust (QQQ) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNRG and QQQ?
Across a 3-year window, the weekly returns of HNRG and QQQ correlate at 0.23, weak. The link has tightened recently: the 1-year correlation (0.34) runs above the 3-year figure (0.23). Stretching to 5 years gives 0.07, with an annualized covariance of 327.7 %².
By 3-year correlation, QQQ places #6 of the 11 assets tracked against HNRG. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 24.3 percentage points (+2.0% for HNRG against +26.3% for QQQ). One caveat on sizing: HNRG is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HNRG vs QQQ: side by side
| HNRG (Hallador Energy Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +2.0% | +26.3% |
| 5-year return | +629.4% | +95.4% |
| Volatility (ann.) | 72.5% | 19.6% |
| Beta vs S&P 500 | 1.09 | 1.28 |
| Max drawdown (3Y) | -71.1% | -22.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 831.5 | – |
| 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 | HNRG | QQQ |
|---|---|---|
| 2022 | +306.1% | -32.6% |
| 2023 | -11.5% | +54.9% |
| 2024 | +29.5% | +25.6% |
| 2025 | +66.3% | +20.8% |
| 2026 | -12.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNRG and QQQ good diversifiers for each other?
Reasonably. At 0.23, HNRG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HNRG and QQQ?
The HNRG/QQQ correlation stands at 0.23 on a 3-year window (1 year: 0.34, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HNRG?
Reasonably. At 0.23, HNRG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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/hnrg-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hnrg-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HNRG correlations · QQQ correlations
