NET vs QQQ: Correlation
Measured on weekly returns over the past three years, Cloudflare, Inc. (NET) and Invesco QQQ Trust (QQQ) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and QQQ?
On 3 years of weekly data the NET/QQQ correlation comes out at 0.47, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.47). The 5-year figure is 0.59, and annualized covariance runs at 491.8 %².
Among the 15 assets we track against NET, QQQ ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NET outperformed by 23.9 percentage points (+50.2% for NET against +26.3% for QQQ). One caveat on sizing: NET 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.
NET vs QQQ: side by side
| NET (Cloudflare, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +50.2% | +26.3% |
| 5-year return | +149.7% | +95.4% |
| Volatility (ann.) | 53.7% | 19.6% |
| Beta vs S&P 500 | 1.68 | 1.28 |
| Max drawdown (3Y) | -45.0% | -22.8% |
| Market cap | $109.8B | – |
| 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 | NET | QQQ |
|---|---|---|
| 2022 | -65.6% | -32.6% |
| 2023 | +84.2% | +54.9% |
| 2024 | +29.3% | +25.6% |
| 2025 | +83.1% | +20.8% |
| 2026 | +56.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and QQQ good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NET and QQQ?
The NET/QQQ correlation stands at 0.47 on a 3-year window (1 year: 0.16, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NET?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/net-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/net-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NET correlations · QQQ correlations
