OCSL vs QQQ: Correlation
Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCSL and QQQ?
Across a 3-year window, the weekly returns of OCSL and QQQ correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 136.2 %².
QQQ is close to the least connected end of OCSL's tracked universe, ranking #12 of 15. Correlation aside, the last 12 months split them widely, with QQQ ahead by 20.9 points (+5.4% versus +26.3%).
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.
OCSL vs QQQ: side by side
| OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.4% | +26.3% |
| 5-year return | +5.8% | +95.4% |
| Volatility (ann.) | 21.7% | 19.6% |
| Beta vs S&P 500 | 0.62 | 1.28 |
| Max drawdown (3Y) | -34.2% | -22.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 11.49% | 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 | OCSL | QQQ |
|---|---|---|
| 2022 | +3.7% | -32.6% |
| 2023 | +11.3% | +54.9% |
| 2024 | -15.1% | +25.6% |
| 2025 | -6.1% | +20.8% |
| 2026 | +8.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCSL and QQQ good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OCSL and QQQ?
The OCSL/QQQ correlation stands at 0.32 on a 3-year window (1 year: 0.38, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for OCSL?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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/ocsl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ocsl-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OCSL correlations · QQQ correlations
