HQY vs QQQ: Correlation
Measured on weekly returns over the past three years, HealthEquity, Inc. (HQY) 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 HQY and QQQ?
On 3 years of weekly data the HQY/QQQ correlation comes out at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.23 over 3 years. The 5-year figure is 0.15, and annualized covariance runs at 149.5 %².
Among the 14 assets we track against HQY, QQQ ranks #8 by 3-year correlation. The last year tells two different stories: QQQ led by 20.2 percentage points, +6.1% for HQY against +26.3% for QQQ. Risk is not evenly split, since HQY carries 1.7 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.
HQY vs QQQ: side by side
| HQY (HealthEquity, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +6.1% | +26.3% |
| 5-year return | +45.4% | +95.4% |
| Volatility (ann.) | 32.9% | 19.6% |
| Beta vs S&P 500 | 0.63 | 1.28 |
| Max drawdown (3Y) | -36.1% | -22.8% |
| Market cap | $7.7B | – |
| P/E (trailing) | 39.1 | – |
| 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 | HQY | QQQ |
|---|---|---|
| 2022 | +39.3% | -32.6% |
| 2023 | +7.6% | +54.9% |
| 2024 | +44.7% | +25.6% |
| 2025 | -4.5% | +20.8% |
| 2026 | +1.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HQY and QQQ?
The HQY/QQQ correlation stands at 0.23 on a 3-year window (1 year: 0.10, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HQY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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: HQY correlations · QQQ correlations
