O vs QQQ: Correlation
Realty Income (O) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are O and QQQ?
On 3 years of weekly data the O/QQQ correlation comes out at 0.03, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.03) sits close to the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 10.2 %².
Among the 44 assets we track against O, QQQ ranks #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 15.0 points (+11.3% versus +26.3%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.16 to 0.54.
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.
O vs QQQ: side by side
| O (Realty Income) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +11.3% | +26.3% |
| 5-year return | +14.5% | +95.4% |
| Volatility (ann.) | 17.3% | 19.6% |
| Beta vs S&P 500 | 0.21 | 1.28 |
| Max drawdown (3Y) | -19.3% | -22.8% |
| Market cap | $58.5B | – |
| P/E (trailing) | 45.4 | – |
| Dividend yield | 5.20% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Real Estate | 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 | O | QQQ |
|---|---|---|
| 2022 | -7.4% | -32.6% |
| 2023 | -4.5% | +54.9% |
| 2024 | -2.1% | +25.6% |
| 2025 | +12.2% | +20.8% |
| 2026 | +13.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are O and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between O and QQQ?
The O/QQQ correlation stands at 0.03 on a 3-year window (1 year: -0.03, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for O?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: O correlations · QQQ correlations
