OLMA vs QQQ: Correlation
Measured on weekly returns over the past three years, Olema Pharmaceuticals, Inc. (OLMA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLMA and QQQ?
Over the past 3 years, OLMA and QQQ moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.09) than the 3-year average (0.08). Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 217.5 %².
Among the 16 assets we track against OLMA, QQQ ranks #11 by 3-year correlation. The last year tells two different stories: OLMA led by 61.7 percentage points, +88.0% for OLMA against +26.3% for QQQ. Note the risk asymmetry: OLMA runs 6.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OLMA vs QQQ: side by side
| OLMA (Olema Pharmaceuticals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +88.0% | +26.3% |
| 5-year return | -64.1% | +95.4% |
| Volatility (ann.) | 133.2% | 19.6% |
| Beta vs S&P 500 | 1.18 | 1.28 |
| Max drawdown (3Y) | -82.1% | -22.8% |
| Market cap | $0.9B | – |
| 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 | OLMA | QQQ |
|---|---|---|
| 2022 | -73.8% | -32.6% |
| 2023 | +472.7% | +54.9% |
| 2024 | -58.4% | +25.6% |
| 2025 | +328.8% | +20.8% |
| 2026 | -56.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLMA and QQQ good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OLMA and QQQ?
The OLMA/QQQ correlation stands at 0.08 on a 3-year window (1 year: -0.09, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for OLMA?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
A reading of 0.08 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: OLMA correlations · QQQ correlations
