LECO vs QQQ: Correlation
Lincoln Electric Holdings, Inc. (LECO) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LECO and QQQ?
Over the past 3 years, LECO and QQQ moved with a correlation of 0.44, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.44 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 237.4 %².
QQQ is close to the least connected end of LECO's tracked universe, ranking #14 of 18. The trailing year gives QQQ the advantage: +18.4% versus +26.3%, a 7.9-point spread.
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.
LECO vs QQQ: side by side
| LECO (Lincoln Electric Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +18.4% | +26.3% |
| 5-year return | +120.5% | +95.4% |
| Volatility (ann.) | 27.9% | 19.6% |
| Beta vs S&P 500 | 1.03 | 1.28 |
| Max drawdown (3Y) | -34.3% | -22.8% |
| Market cap | $15.8B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.08% | 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 | LECO | QQQ |
|---|---|---|
| 2022 | +5.4% | -32.6% |
| 2023 | +52.6% | +54.9% |
| 2024 | -12.6% | +25.6% |
| 2025 | +29.6% | +20.8% |
| 2026 | +21.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LECO and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LECO and QQQ?
The LECO/QQQ correlation stands at 0.44 on a 3-year window (1 year: 0.31, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for LECO?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/leco-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/leco-vs-qqq/)
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Related comparisons
Hubs: LECO correlations · QQQ correlations
