ICL vs QQQ: Correlation
ICL Group Ltd. (ICL) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICL and QQQ?
Over the past 3 years, ICL and QQQ moved with a correlation of 0.30, which is moderate. Recent behaviour matches the longer record: 0.24 over 1 year against 0.30 over 3. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 223.4 %².
QQQ is close to the least connected end of ICL's tracked universe, ranking #7 of 10. The last year tells two different stories: QQQ led by 36.9 percentage points, -10.6% for ICL against +26.3% for QQQ. Note the risk asymmetry: ICL runs 1.9 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.
ICL vs QQQ: side by side
| ICL (ICL Group Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -10.6% | +26.3% |
| 5-year return | +2.5% | +95.4% |
| Volatility (ann.) | 37.8% | 19.6% |
| Beta vs S&P 500 | 0.81 | 1.28 |
| Max drawdown (3Y) | -35.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 3.64% | 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 | ICL | QQQ |
|---|---|---|
| 2022 | -16.9% | -32.6% |
| 2023 | -27.2% | +54.9% |
| 2024 | +2.8% | +25.6% |
| 2025 | +17.1% | +20.8% |
| 2026 | +1.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICL and QQQ?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.24 over the last year and 0.31 over 5 years.
Is QQQ a good diversifier for ICL?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icl-vs-qqq.json
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[](https://www.pairbook.io/pair/icl-vs-qqq/)
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Related comparisons
Hubs: ICL correlations · QQQ correlations
