JHX vs QQQ: Correlation
Measured on weekly returns over the past three years, James Hardie Industries plc. (JHX) and Invesco QQQ Trust (QQQ) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JHX and QQQ?
On 3 years of weekly data the JHX/QQQ correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.40 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 362.0 %².
By 3-year correlation, QQQ places #7 of the 13 assets tracked against JHX. Correlation aside, the last 12 months split them widely, with JHX ahead by 19.8 points (+46.1% versus +26.3%). One caveat on sizing: JHX is 2.4 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.
JHX vs QQQ: side by side
| JHX (James Hardie Industries plc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +46.1% | +26.3% |
| 5-year return | -21.2% | +95.4% |
| Volatility (ann.) | 46.3% | 19.6% |
| Beta vs S&P 500 | 1.43 | 1.28 |
| Max drawdown (3Y) | -60.3% | -22.8% |
| Market cap | $17.3B | – |
| P/E (trailing) | 135.3 | – |
| 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 | JHX | QQQ |
|---|---|---|
| 2022 | -55.4% | -32.6% |
| 2023 | +115.6% | +54.9% |
| 2024 | -20.3% | +25.6% |
| 2025 | -32.7% | +20.8% |
| 2026 | +43.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JHX and QQQ good diversifiers for each other?
Reasonably. At 0.40, JHX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between JHX and QQQ?
The JHX/QQQ correlation stands at 0.40 on a 3-year window (1 year: 0.30, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for JHX?
Reasonably. At 0.40, JHX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: JHX correlations · QQQ correlations
