OBE vs QQQ: Correlation
How closely do Obsidian Energy Ltd. (OBE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBE and QQQ?
Over the past 3 years, OBE and QQQ moved with a correlation of 0.05, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.15 versus 0.05 over 3 years. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 52.5 %².
Within OBE's tracked universe of 18 assets, QQQ comes in at #11 by 3-year correlation. The last year tells two different stories: OBE led by 67.0 percentage points, +93.3% for OBE against +26.3% for QQQ. One caveat on sizing: OBE is 2.6 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.
OBE vs QQQ: side by side
| OBE (Obsidian Energy Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +93.3% | +26.3% |
| 5-year return | +339.0% | +95.4% |
| Volatility (ann.) | 50.2% | 19.6% |
| Beta vs S&P 500 | 0.38 | 1.28 |
| Max drawdown (3Y) | -56.4% | -22.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 36.9 | – |
| 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 | OBE | QQQ |
|---|---|---|
| 2022 | +61.2% | -32.6% |
| 2023 | +2.1% | +54.9% |
| 2024 | -14.6% | +25.6% |
| 2025 | +5.9% | +20.8% |
| 2026 | +92.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBE and QQQ good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OBE and QQQ?
The OBE/QQQ correlation stands at 0.05 on a 3-year window (1 year: -0.15, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for OBE?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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/obe-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/obe-vs-qqq/)
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Related comparisons
Hubs: OBE correlations · QQQ correlations
