ICE vs QQQ: Correlation
How closely do Intercontinental Exchange (ICE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and QQQ?
Over the past 3 years, ICE and QQQ moved with a correlation of 0.31, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.31). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 128.7 %².
By 3-year correlation, QQQ places #21 of the 31 assets tracked against ICE. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 34.2 percentage points (-7.9% for ICE against +26.3% for QQQ). The relationship is regime-dependent: the rolling one-year correlation swung between 0.13 and 0.66 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ICE vs QQQ: side by side
| ICE (Intercontinental Exchange) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -7.9% | +26.3% |
| 5-year return | +44.2% | +95.4% |
| Volatility (ann.) | 21.2% | 19.6% |
| Beta vs S&P 500 | 0.62 | 1.28 |
| Max drawdown (3Y) | -33.9% | -22.8% |
| Market cap | $90.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.24% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Financials | 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 | ICE | QQQ |
|---|---|---|
| 2022 | -23.9% | -32.6% |
| 2023 | +27.1% | +54.9% |
| 2024 | +17.5% | +25.6% |
| 2025 | +9.9% | +20.8% |
| 2026 | +0.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICE and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICE and QQQ?
The ICE/QQQ correlation stands at 0.31 on a 3-year window (1 year: 0.10, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ICE?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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: ICE correlations · QQQ correlations
