HXL vs QQQ: Correlation
How closely do Hexcel Corporation (HXL) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and QQQ?
Across a 3-year window, the weekly returns of HXL and QQQ correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.48 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 283.1 %².
QQQ is close to the least connected end of HXL's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with HXL ahead by 23.8 points (+50.1% versus +26.3%). Risk is not evenly split, since HXL carries 1.6 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.
HXL vs QQQ: side by side
| HXL (Hexcel Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +50.1% | +26.3% |
| 5-year return | +74.4% | +95.4% |
| Volatility (ann.) | 30.4% | 19.6% |
| Beta vs S&P 500 | 1.15 | 1.28 |
| Max drawdown (3Y) | -37.8% | -22.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 47.8 | – |
| Dividend yield | 0.74% | 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 | HXL | QQQ |
|---|---|---|
| 2022 | +14.4% | -32.6% |
| 2023 | +26.2% | +54.9% |
| 2024 | -14.2% | +25.6% |
| 2025 | +19.2% | +20.8% |
| 2026 | +28.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HXL and QQQ?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.30 over the last year and 0.51 over 5 years.
Is QQQ a good diversifier for HXL?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HXL correlations · QQQ correlations
