HRI vs QQQ: Correlation
Measured on weekly returns over the past three years, Herc Holdings Inc. (HRI) and Invesco QQQ Trust (QQQ) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and QQQ?
On 3 years of weekly data the HRI/QQQ correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.37). The 5-year figure is 0.41, and annualized covariance runs at 396.0 %².
QQQ is close to the least connected end of HRI's tracked universe, ranking #10 of 14. The trailing year gives QQQ the advantage: +18.9% versus +26.3%, a 7.4-point spread. Note the risk asymmetry: HRI 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.
HRI vs QQQ: side by side
| HRI (Herc Holdings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +18.9% | +26.3% |
| 5-year return | +27.3% | +95.4% |
| Volatility (ann.) | 54.2% | 19.6% |
| Beta vs S&P 500 | 1.68 | 1.28 |
| Max drawdown (3Y) | -60.9% | -22.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | 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 | HRI | QQQ |
|---|---|---|
| 2022 | -14.4% | -32.6% |
| 2023 | +15.5% | +54.9% |
| 2024 | +29.4% | +25.6% |
| 2025 | -20.1% | +20.8% |
| 2026 | +5.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI and QQQ good diversifiers for each other?
Reasonably. At 0.37, HRI and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HRI and QQQ?
The HRI/QQQ correlation stands at 0.37 on a 3-year window (1 year: 0.26, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for HRI?
Reasonably. At 0.37, HRI and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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
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Related comparisons
Hubs: HRI correlations · QQQ correlations
