HPE vs QQQ: Correlation
How closely do Hewlett Packard Enterprise (HPE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and QQQ?
On 3 years of weekly data the HPE/QQQ correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.47). The 5-year figure is 0.47, and annualized covariance runs at 404.1 %².
Among the 28 assets we track against HPE, QQQ ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HPE ahead by 118.1 points (+144.4% versus +26.3%). The rolling one-year correlation moved between 0.19 and 0.69 over the past three years, a moderate range. One caveat on sizing: HPE is 2.2 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.
HPE vs QQQ: side by side
| HPE (Hewlett Packard Enterprise) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +144.4% | +26.3% |
| 5-year return | +309.3% | +95.4% |
| Volatility (ann.) | 43.8% | 19.6% |
| Beta vs S&P 500 | 1.47 | 1.28 |
| Max drawdown (3Y) | -48.4% | -22.8% |
| Market cap | $72.0B | – |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.99% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Information Technology | 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 | HPE | QQQ |
|---|---|---|
| 2022 | +4.5% | -32.6% |
| 2023 | +9.7% | +54.9% |
| 2024 | +29.1% | +25.6% |
| 2025 | +15.5% | +20.8% |
| 2026 | +128.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPE and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HPE and QQQ?
The HPE/QQQ correlation stands at 0.47 on a 3-year window (1 year: 0.31, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HPE?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HPE correlations · QQQ correlations
