OXY vs QQQ: Correlation
Occidental Petroleum (OXY) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is -0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and QQQ?
Over the past 3 years, OXY and QQQ moved with a correlation of -0.01, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.01 over 3 years. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is -5.8 %².
Among the 38 assets we track against OXY, QQQ ranks #26 by 3-year correlation. Neither side won the trailing year by much: +28.9% against +26.3%. This link changes with the market regime, having swung between -0.37 and 0.28 on a rolling one-year basis. One caveat on sizing: OXY is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OXY vs QQQ: side by side
| OXY (Occidental Petroleum) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +28.9% | +26.3% |
| 5-year return | +150.8% | +95.4% |
| Volatility (ann.) | 30.6% | 19.6% |
| Beta vs S&P 500 | 0.13 | 1.28 |
| Max drawdown (3Y) | -46.9% | -22.8% |
| Market cap | $59.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Energy | 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 | OXY | QQQ |
|---|---|---|
| 2022 | +119.1% | -32.6% |
| 2023 | -4.1% | +54.9% |
| 2024 | -15.9% | +25.6% |
| 2025 | -14.9% | +20.8% |
| 2026 | +45.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and QQQ good diversifiers for each other?
Yes: at -0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OXY and QQQ?
Using weekly returns as of 2026-08-27: -0.01 over 3 years, with -0.35 over the last year and 0.04 over 5 years.
Is QQQ a good diversifier for OXY?
Yes: at -0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.01 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.
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Related comparisons
Hubs: OXY correlations · QQQ correlations
