HWM vs QQQ: Correlation
Measured on weekly returns over the past three years, Howmet Aerospace (HWM) and Invesco QQQ Trust (QQQ) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and QQQ?
Over the past 3 years, HWM and QQQ moved with a correlation of 0.49, which is moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.49). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 310.3 %².
By 3-year correlation, QQQ places #23 of the 35 assets tracked against HWM. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 26.4 percentage points (+52.7% for HWM against +26.3% for QQQ). This link changes with the market regime, having swung between 0.20 and 0.73 on a rolling one-year basis. Note the risk asymmetry: HWM runs 1.6 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.
HWM vs QQQ: side by side
| HWM (Howmet Aerospace) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +52.7% | +26.3% |
| 5-year return | +754.4% | +95.4% |
| Volatility (ann.) | 32.1% | 19.6% |
| Beta vs S&P 500 | 1.24 | 1.28 |
| Max drawdown (3Y) | -19.4% | -22.8% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| Dividend yield | 0.18% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Industrials | 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 | HWM | QQQ |
|---|---|---|
| 2022 | +24.2% | -32.6% |
| 2023 | +37.8% | +54.9% |
| 2024 | +102.7% | +25.6% |
| 2025 | +88.0% | +20.8% |
| 2026 | +30.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HWM and QQQ?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.36 over the last year and 0.51 over 5 years.
Is QQQ a good diversifier for HWM?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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: HWM correlations · QQQ correlations
