HPK vs QQQ: Correlation
Measured on weekly returns over the past three years, HighPeak Energy, Inc. (HPK) and Invesco QQQ Trust (QQQ) carry a correlation of 0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPK and QQQ?
On 3 years of weekly data the HPK/QQQ correlation comes out at 0.01, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.25 versus 0.01 over 3 years. The 5-year figure is 0.04, and annualized covariance runs at 11.9 %².
Within HPK's tracked universe of 13 assets, QQQ comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 19.1 percentage points (+7.2% for HPK against +26.3% for QQQ). Note the risk asymmetry: HPK runs 2.8 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.
HPK vs QQQ: side by side
| HPK (HighPeak Energy, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +7.2% | +26.3% |
| 5-year return | -11.4% | +95.4% |
| Volatility (ann.) | 55.8% | 19.6% |
| Beta vs S&P 500 | 0.31 | 1.28 |
| Max drawdown (3Y) | -77.8% | -22.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.03% | 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 | HPK | QQQ |
|---|---|---|
| 2022 | +56.9% | -32.6% |
| 2023 | -37.4% | +54.9% |
| 2024 | +4.3% | +25.6% |
| 2025 | -67.2% | +20.8% |
| 2026 | +68.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPK and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between HPK and QQQ?
As of 2026-08-27, the correlation of weekly returns between HPK and QQQ is 0.01 over 3 years, -0.25 over 1 year and 0.04 over 5 years.
Is QQQ a good diversifier for HPK?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
What does a correlation of 0.01 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: HPK correlations · QQQ correlations
