OPY vs QQQ: Correlation
Measured on weekly returns over the past three years, Oppenheimer Holdings, Inc. (OPY) and Invesco QQQ Trust (QQQ) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPY and QQQ?
Across a 3-year window, the weekly returns of OPY and QQQ correlate at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.34). Stretching to 5 years gives 0.33, with an annualized covariance of 199.7 %².
Out of 13 assets tracked against OPY, QQQ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months OPY outperformed by 45.6 percentage points (+71.9% for OPY against +26.3% for QQQ). Note the risk asymmetry: OPY runs 1.5 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.
OPY vs QQQ: side by side
| OPY (Oppenheimer Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +71.9% | +26.3% |
| 5-year return | +185.5% | +95.4% |
| Volatility (ann.) | 30.2% | 19.6% |
| Beta vs S&P 500 | 0.93 | 1.28 |
| Max drawdown (3Y) | -29.4% | -22.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.66% | 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 | OPY | QQQ |
|---|---|---|
| 2022 | -7.2% | -32.6% |
| 2023 | -0.9% | +54.9% |
| 2024 | +57.3% | +25.6% |
| 2025 | +15.6% | +20.8% |
| 2026 | +67.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPY and QQQ good diversifiers for each other?
Reasonably. At 0.34, OPY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OPY and QQQ?
As of 2026-08-27, the correlation of weekly returns between OPY and QQQ is 0.34 over 3 years, 0.18 over 1 year and 0.33 over 5 years.
Is QQQ a good diversifier for OPY?
Reasonably. At 0.34, OPY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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.
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Related comparisons
Hubs: OPY correlations · QQQ correlations
