JEF vs QQQ: Correlation
Jefferies Financial Group Inc. (JEF) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JEF and QQQ?
Over the past 3 years, JEF and QQQ moved with a correlation of 0.48, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.48 over 3. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 365.4 %².
Among the 16 assets we track against JEF, QQQ ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 42.2 percentage points (-15.9% for JEF against +26.3% for QQQ). Risk is not evenly split, since JEF carries 2.0 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.
JEF vs QQQ: side by side
| JEF (Jefferies Financial Group Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -15.9% | +26.3% |
| 5-year return | +73.8% | +95.4% |
| Volatility (ann.) | 39.3% | 19.6% |
| Beta vs S&P 500 | 1.57 | 1.28 |
| Max drawdown (3Y) | -54.4% | -22.8% |
| Market cap | $10.7B | – |
| P/E (trailing) | 14.8 | – |
| 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 | JEF | QQQ |
|---|---|---|
| 2022 | -8.5% | -32.6% |
| 2023 | +27.7% | +54.9% |
| 2024 | +98.8% | +25.6% |
| 2025 | -18.8% | +20.8% |
| 2026 | -12.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JEF 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 JEF and QQQ?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.39 over the last year and 0.53 over 5 years.
Is QQQ a good diversifier for JEF?
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.
Use this data
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Related comparisons
Hubs: JEF correlations · QQQ correlations
