LLY vs QQQ: Correlation
Lilly (Eli) (LLY) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLY and QQQ?
Across a 3-year window, the weekly returns of LLY and QQQ correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (-0.07) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.19, with an annualized covariance of 113.5 %².
Among the 29 assets we track against LLY, QQQ ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LLY outperformed by 34.9 percentage points (+61.2% for LLY against +26.3% for QQQ). The relationship is regime-dependent: the rolling one-year correlation swung between -0.12 and 0.47 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: LLY is 1.9 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.
LLY vs QQQ: side by side
| LLY (Lilly (Eli)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +61.2% | +26.3% |
| 5-year return | +369.2% | +95.4% |
| Volatility (ann.) | 36.6% | 19.6% |
| Beta vs S&P 500 | 0.57 | 1.28 |
| Max drawdown (3Y) | -34.5% | -22.8% |
| Market cap | $1,048.8B | – |
| P/E (trailing) | 40.0 | – |
| Dividend yield | 0.54% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Health Care | 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 | LLY | QQQ |
|---|---|---|
| 2022 | +34.3% | -32.6% |
| 2023 | +60.9% | +54.9% |
| 2024 | +33.3% | +25.6% |
| 2025 | +40.2% | +20.8% |
| 2026 | +10.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LLY and QQQ good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LLY and QQQ?
As of 2026-08-27, the correlation of weekly returns between LLY and QQQ is 0.16 over 3 years, -0.07 over 1 year and 0.19 over 5 years.
Is QQQ a good diversifier for LLY?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 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: LLY correlations · QQQ correlations
