KSPI vs QQQ: Correlation
Joint Stock Company Kaspi.kz - American Depository Shares (KSPI) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KSPI and QQQ?
On 3 years of weekly data the KSPI/QQQ correlation comes out at 0.36, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.36 over 3. The 5-year figure is n/a, and annualized covariance runs at 279.7 %².
Among the 13 assets we track against KSPI, QQQ sits near the bottom by co-movement, at rank #9. On 12-month performance QQQ holds a 7.7-point edge, +18.6% against +26.3%. Note the risk asymmetry: KSPI runs 2.0 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.
KSPI vs QQQ: side by side
| KSPI (Joint Stock Company Kaspi.kz - American Depository Shares) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +18.6% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 39.5% | 19.6% |
| Beta vs S&P 500 | 1.08 | 1.28 |
| Max drawdown (3Y) | -48.9% | -22.8% |
| Market cap | $20.0B | – |
| P/E (trailing) | 9.1 | – |
| 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 | KSPI | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | -17.5% | +20.8% |
| 2026 | +40.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KSPI and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KSPI and QQQ?
The KSPI/QQQ correlation stands at 0.36 on a 3-year window (1 year: 0.41, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for KSPI?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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: KSPI correlations · QQQ correlations
