LONA vs QQQ: Correlation
How closely do LeonaBio, Inc. (LONA) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LONA and QQQ?
Over the past 3 years, LONA and QQQ moved with a correlation of 0.24, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.24 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 491.6 %².
QQQ is close to the least connected end of LONA's tracked universe, ranking #8 of 11. Correlation aside, the last 12 months split them widely, with LONA ahead by 70.9 points (+97.2% versus +26.3%). Note the risk asymmetry: LONA runs 5.3 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.
LONA vs QQQ: side by side
| LONA (LeonaBio, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +97.2% | +26.3% |
| 5-year return | -92.6% | +95.4% |
| Volatility (ann.) | 104.6% | 19.6% |
| Beta vs S&P 500 | 1.80 | 1.28 |
| Max drawdown (3Y) | -94.5% | -22.8% |
| Market cap | $0.1B | – |
| 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 | LONA | QQQ |
|---|---|---|
| 2022 | -75.7% | -32.6% |
| 2023 | -23.3% | +54.9% |
| 2024 | -75.8% | +25.6% |
| 2025 | +29.0% | +20.8% |
| 2026 | +4.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LONA and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LONA and QQQ?
The LONA/QQQ correlation stands at 0.24 on a 3-year window (1 year: 0.09, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for LONA?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/lona-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lona-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LONA correlations · QQQ correlations
