MCK vs QCOM: Correlation
How closely do McKesson Corporation (MCK) and Qualcomm (QCOM) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCK and QCOM?
Over the past 3 years, MCK and QCOM moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -267.0 %².
Out of 35 assets tracked against MCK, QCOM lands near the bottom at #31. The last year tells two different stories: MCK led by 25.5 percentage points, +30.8% for MCK against +5.3% for QCOM. This link changes with the market regime, having swung between -0.46 and 0.16 on a rolling one-year basis. Note the risk asymmetry: QCOM runs 1.7 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.
MCK vs QCOM: side by side
| MCK (McKesson Corporation) | QCOM (Qualcomm) | |
|---|---|---|
| 1-year return | +30.8% | +5.3% |
| 5-year return | +354.8% | +25.8% |
| Volatility (ann.) | 25.1% | 42.4% |
| Beta vs S&P 500 | 0.16 | 1.77 |
| Max drawdown (3Y) | -27.2% | -44.2% |
| Market cap | $103.8B | $176.0B |
| P/E (trailing) | 24.0 | 18.9 |
| Dividend yield | 0.37% | 2.19% |
| Sector / category | Health Care | Information Technology |
Year-by-year returns
| Year | MCK | QCOM |
|---|---|---|
| 2022 | +51.8% | -38.6% |
| 2023 | +24.1% | +35.1% |
| 2024 | +23.7% | +8.3% |
| 2025 | +44.5% | +13.8% |
| 2026 | +8.8% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCK and QCOM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MCK and QCOM?
As of 2026-08-27, the correlation of weekly returns between MCK and QCOM is -0.25 over 3 years, -0.45 over 1 year and -0.12 over 5 years.
Is QCOM a good diversifier for MCK?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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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Related comparisons
Hubs: MCK correlations · QCOM correlations
