ICON vs QQQ: Correlation
How closely do Icon Energy Corp. (ICON) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICON and QQQ?
On 3 years of weekly data the ICON/QQQ correlation comes out at 0.24, weak. The link has tightened recently: the 1-year correlation (0.45) runs above the 3-year figure (0.24). The 5-year figure is n/a, and annualized covariance runs at 562.7 %².
Among the 15 assets we track against ICON, QQQ ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 117.4 percentage points (-91.1% for ICON against +26.3% for QQQ). Note the risk asymmetry: ICON runs 5.8 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.
ICON vs QQQ: side by side
| ICON (Icon Energy Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -91.1% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 114.3% | 19.6% |
| Beta vs S&P 500 | 2.01 | 1.28 |
| Max drawdown (3Y) | -99.9% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | ICON | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | -99.2% | +20.8% |
| 2026 | -71.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICON and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICON and QQQ?
The ICON/QQQ correlation stands at 0.24 on a 3-year window (1 year: 0.45, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ICON?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 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: ICON correlations · QQQ correlations
