HSBC vs QQQ: Correlation
HSBC Holdings, plc. (HSBC) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSBC and QQQ?
Across a 3-year window, the weekly returns of HSBC and QQQ correlate at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 148.9 %².
Among the 13 assets we track against HSBC, QQQ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: HSBC led by 40.3 percentage points, +66.6% for HSBC against +26.3% for QQQ.
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.
HSBC vs QQQ: side by side
| HSBC (HSBC Holdings, plc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +66.6% | +26.3% |
| 5-year return | +420.9% | +95.4% |
| Volatility (ann.) | 22.1% | 19.6% |
| Beta vs S&P 500 | 0.68 | 1.28 |
| Max drawdown (3Y) | -21.8% | -22.8% |
| Market cap | $352.5B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.72% | 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 | HSBC | QQQ |
|---|---|---|
| 2022 | +7.8% | -32.6% |
| 2023 | +39.4% | +54.9% |
| 2024 | +34.5% | +25.6% |
| 2025 | +67.9% | +20.8% |
| 2026 | +35.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSBC and QQQ good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HSBC and QQQ?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.30 over the last year and 0.34 over 5 years.
Is QQQ a good diversifier for HSBC?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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.
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Related comparisons
Hubs: HSBC correlations · QQQ correlations
