HWBK vs QQQ: Correlation
How closely do Hawthorn Bancshares, Inc. (HWBK) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and QQQ?
On 3 years of weekly data the HWBK/QQQ correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 144.7 %².
Within HWBK's tracked universe of 12 assets, QQQ comes in at #6 by 3-year correlation. Their 12-month results are close: +21.4% for HWBK against +26.3% for QQQ. Note the risk asymmetry: HWBK runs 1.7 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.
HWBK vs QQQ: side by side
| HWBK (Hawthorn Bancshares, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +21.4% | +26.3% |
| 5-year return | +114.2% | +95.4% |
| Volatility (ann.) | 33.4% | 19.6% |
| Beta vs S&P 500 | 0.50 | 1.28 |
| Max drawdown (3Y) | -27.9% | -22.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.10% | 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 | HWBK | QQQ |
|---|---|---|
| 2022 | -10.3% | -32.6% |
| 2023 | +25.6% | +54.9% |
| 2024 | +15.4% | +25.6% |
| 2025 | +26.3% | +20.8% |
| 2026 | +13.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HWBK and QQQ?
As of 2026-08-27, the correlation of weekly returns between HWBK and QQQ is 0.22 over 3 years, 0.18 over 1 year and 0.20 over 5 years.
Is QQQ a good diversifier for HWBK?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 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: HWBK correlations · QQQ correlations
