OVLY vs QQQ: Correlation
How closely do Oak Valley Bancorp (CA) (OVLY) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVLY and QQQ?
Over the past 3 years, OVLY and QQQ moved with a correlation of 0.21, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.06 versus 0.21 over 3 years. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 109.7 %².
QQQ is close to the least connected end of OVLY's tracked universe, ranking #8 of 11. Their 12-month results are close: +22.2% for OVLY against +26.3% for QQQ.
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.
OVLY vs QQQ: side by side
| OVLY (Oak Valley Bancorp (CA)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +22.2% | +26.3% |
| 5-year return | +111.8% | +95.4% |
| Volatility (ann.) | 26.5% | 19.6% |
| Beta vs S&P 500 | 0.56 | 1.28 |
| Max drawdown (3Y) | -26.3% | -22.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 2.22% | 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 | OVLY | QQQ |
|---|---|---|
| 2022 | +32.4% | -32.6% |
| 2023 | +33.9% | +54.9% |
| 2024 | -0.7% | +25.6% |
| 2025 | +5.1% | +20.8% |
| 2026 | +15.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVLY and QQQ good diversifiers for each other?
Reasonably. At 0.21, OVLY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OVLY and QQQ?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.06 over the last year and 0.17 over 5 years.
Is QQQ a good diversifier for OVLY?
Reasonably. At 0.21, OVLY and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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: OVLY correlations · QQQ correlations
