OWL vs QQQ: Correlation
Measured on weekly returns over the past three years, Blue Owl Capital Inc. (OWL) and Invesco QQQ Trust (QQQ) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OWL and QQQ?
On 3 years of weekly data the OWL/QQQ correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. The 5-year figure is 0.58, and annualized covariance runs at 467.7 %².
Among the 16 assets we track against OWL, QQQ ranks #9 by 3-year correlation. The last year tells two different stories: QQQ led by 56.5 percentage points, -30.2% for OWL against +26.3% for QQQ. Note the risk asymmetry: OWL runs 2.1 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.
OWL vs QQQ: side by side
| OWL (Blue Owl Capital Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -30.2% | +26.3% |
| 5-year return | +8.2% | +95.4% |
| Volatility (ann.) | 41.9% | 19.6% |
| Beta vs S&P 500 | 1.77 | 1.28 |
| Max drawdown (3Y) | -67.1% | -22.8% |
| Market cap | $18.8B | – |
| P/E (trailing) | 100.2 | – |
| Dividend yield | 7.71% | 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 | OWL | QQQ |
|---|---|---|
| 2022 | -26.3% | -32.6% |
| 2023 | +47.4% | +54.9% |
| 2024 | +61.8% | +25.6% |
| 2025 | -32.8% | +20.8% |
| 2026 | -14.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OWL and QQQ good diversifiers for each other?
Only partially. A correlation of 0.57 means OWL 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 OWL and QQQ?
As of 2026-08-27, the correlation of weekly returns between OWL and QQQ is 0.57 over 3 years, 0.51 over 1 year and 0.58 over 5 years.
Is QQQ a good diversifier for OWL?
Only partially. A correlation of 0.57 means OWL 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 0.57 mean?
A reading of 0.57 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: OWL correlations · QQQ correlations
