INDB vs QQQ: Correlation
How closely do Independent Bank Corp. (INDB) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDB and QQQ?
Across a 3-year window, the weekly returns of INDB and QQQ correlate at 0.26, weak. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.26 over 3 years. Stretching to 5 years gives 0.25, with an annualized covariance of 155.6 %².
Out of 12 assets tracked against INDB, QQQ lands near the bottom at #9. Over the last 12 months QQQ came out ahead by 8.0 percentage points (+18.3% against +26.3%). One caveat on sizing: INDB is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
INDB vs QQQ: side by side
| INDB (Independent Bank Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +18.3% | +26.3% |
| 5-year return | +28.6% | +95.4% |
| Volatility (ann.) | 30.9% | 19.6% |
| Beta vs S&P 500 | 0.85 | 1.28 |
| Max drawdown (3Y) | -30.8% | -22.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 2.97% | 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 | INDB | QQQ |
|---|---|---|
| 2022 | +6.3% | -32.6% |
| 2023 | -18.9% | +54.9% |
| 2024 | +1.6% | +25.6% |
| 2025 | +17.9% | +20.8% |
| 2026 | +14.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDB and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INDB and QQQ?
As of 2026-08-27, the correlation of weekly returns between INDB and QQQ is 0.26 over 3 years, 0.06 over 1 year and 0.25 over 5 years.
Is QQQ a good diversifier for INDB?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 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: INDB correlations · QQQ correlations
