LMND vs QQQ: Correlation
Lemonade, Inc. (LMND) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LMND and QQQ?
On 3 years of weekly data the LMND/QQQ correlation comes out at 0.28, weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 460.0 %².
Among the 11 assets we track against LMND, QQQ sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 26.4 percentage points (-0.1% for LMND against +26.3% for QQQ). One caveat on sizing: LMND is 4.3 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.
LMND vs QQQ: side by side
| LMND (Lemonade, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -0.1% | +26.3% |
| 5-year return | -28.5% | +95.4% |
| Volatility (ann.) | 84.2% | 19.6% |
| Beta vs S&P 500 | 2.01 | 1.28 |
| Max drawdown (3Y) | -51.5% | -22.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | – | – |
| 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 | LMND | QQQ |
|---|---|---|
| 2022 | -67.5% | -32.6% |
| 2023 | +17.9% | +54.9% |
| 2024 | +127.4% | +25.6% |
| 2025 | +94.1% | +20.8% |
| 2026 | -24.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LMND and QQQ good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LMND and QQQ?
As of 2026-08-27, the correlation of weekly returns between LMND and QQQ is 0.28 over 3 years, 0.30 over 1 year and 0.41 over 5 years.
Is QQQ a good diversifier for LMND?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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.
Use this data
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[](https://www.pairbook.io/pair/lmnd-vs-qqq/)
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Related comparisons
Hubs: LMND correlations · QQQ correlations
