ONIT vs QQQ: Correlation
How closely do Onity Group Inc. (ONIT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONIT and QQQ?
Over the past 3 years, ONIT and QQQ moved with a correlation of 0.28, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.28 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 242.0 %².
Out of 10 assets tracked against ONIT, QQQ lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with QQQ ahead by 44.6 points (-18.3% versus +26.3%). Note the risk asymmetry: ONIT runs 2.2 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.
ONIT vs QQQ: side by side
| ONIT (Onity Group Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -18.3% | +26.3% |
| 5-year return | +26.4% | +95.4% |
| Volatility (ann.) | 44.1% | 19.6% |
| Beta vs S&P 500 | 1.15 | 1.28 |
| Max drawdown (3Y) | -36.5% | -22.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.2 | – |
| 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 | ONIT | QQQ |
|---|---|---|
| 2022 | -23.5% | -32.6% |
| 2023 | +0.6% | +54.9% |
| 2024 | -0.2% | +25.6% |
| 2025 | +49.1% | +20.8% |
| 2026 | -24.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONIT and QQQ good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ONIT and QQQ?
As of 2026-08-27, the correlation of weekly returns between ONIT and QQQ is 0.28 over 3 years, 0.07 over 1 year and 0.24 over 5 years.
Is QQQ a good diversifier for ONIT?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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
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Related comparisons
Hubs: ONIT correlations · QQQ correlations
