MTW vs QQQ: Correlation
Manitowoc Company, Inc. (The) (MTW) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and QQQ?
Across a 3-year window, the weekly returns of MTW and QQQ correlate at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.37). Stretching to 5 years gives 0.38, with an annualized covariance of 384.6 %².
QQQ is close to the least connected end of MTW's tracked universe, ranking #15 of 18. Correlation aside, the last 12 months split them widely, with MTW ahead by 61.7 points (+88.0% versus +26.3%). One caveat on sizing: MTW is 2.7 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.
MTW vs QQQ: side by side
| MTW (Manitowoc Company, Inc. (The)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +88.0% | +26.3% |
| 5-year return | -22.9% | +95.4% |
| Volatility (ann.) | 53.7% | 19.6% |
| Beta vs S&P 500 | 1.63 | 1.28 |
| Max drawdown (3Y) | -58.5% | -22.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 34.6 | – |
| 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 | MTW | QQQ |
|---|---|---|
| 2022 | -50.7% | -32.6% |
| 2023 | +82.2% | +54.9% |
| 2024 | -45.3% | +25.6% |
| 2025 | +31.3% | +20.8% |
| 2026 | +58.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and QQQ good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTW and QQQ?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.22 over the last year and 0.38 over 5 years.
Is QQQ a good diversifier for MTW?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtw-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtw-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTW correlations · QQQ correlations
