ON vs QQQ: Correlation
Measured on weekly returns over the past three years, ON Semiconductor (ON) and Invesco QQQ Trust (QQQ) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ON and QQQ?
On 3 years of weekly data the ON/QQQ correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 484.0 %².
Within ON's tracked universe of 29 assets, QQQ comes in at #18 by 3-year correlation. The last year tells two different stories: ON led by 19.7 percentage points, +46.0% for ON against +26.3% for QQQ. The relationship is regime-dependent: the rolling one-year correlation swung between 0.24 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ON runs 2.5 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.
ON vs QQQ: side by side
| ON (ON Semiconductor) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +46.0% | +26.3% |
| 5-year return | +65.2% | +95.4% |
| Volatility (ann.) | 49.2% | 19.6% |
| Beta vs S&P 500 | 1.61 | 1.28 |
| Max drawdown (3Y) | -67.9% | -22.8% |
| Market cap | $29.1B | – |
| P/E (trailing) | 47.9 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Information Technology | 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 | ON | QQQ |
|---|---|---|
| 2022 | -8.2% | -32.6% |
| 2023 | +33.9% | +54.9% |
| 2024 | -24.5% | +25.6% |
| 2025 | -14.1% | +20.8% |
| 2026 | +38.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ON and QQQ good diversifiers for each other?
Only partially. A correlation of 0.50 means ON and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ON and QQQ?
The ON/QQQ correlation stands at 0.50 on a 3-year window (1 year: 0.56, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ON?
Only partially. A correlation of 0.50 means ON and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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/on-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/on-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ON correlations · QQQ correlations
