OBDC vs QQQ: Correlation
How closely do Blue Owl Capital Corporation (OBDC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBDC and QQQ?
Over the past 3 years, OBDC and QQQ moved with a correlation of 0.46, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 171.6 %².
By 3-year correlation, QQQ places #19 of the 25 assets tracked against OBDC. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 36.6 percentage points (-10.3% for OBDC against +26.3% for QQQ).
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.
OBDC vs QQQ: side by side
| OBDC (Blue Owl Capital Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -10.3% | +26.3% |
| 5-year return | +34.0% | +95.4% |
| Volatility (ann.) | 19.2% | 19.6% |
| Beta vs S&P 500 | 0.71 | 1.28 |
| Max drawdown (3Y) | -23.9% | -22.8% |
| Market cap | $5.6B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 12.62% | 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 | OBDC | QQQ |
|---|---|---|
| 2022 | -9.5% | -32.6% |
| 2023 | +43.5% | +54.9% |
| 2024 | +14.7% | +25.6% |
| 2025 | -7.9% | +20.8% |
| 2026 | -3.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBDC and QQQ good diversifiers for each other?
Reasonably. At 0.46, OBDC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OBDC and QQQ?
As of 2026-08-27, the correlation of weekly returns between OBDC and QQQ is 0.46 over 3 years, 0.47 over 1 year and 0.48 over 5 years.
Is QQQ a good diversifier for OBDC?
Reasonably. At 0.46, OBDC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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
$ curl https://www.pairbook.io/api/v1/pairs/obdc-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/obdc-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OBDC correlations · QQQ correlations
