PAX vs QQQ: Correlation
Patria Investments Limited - Class A (PAX) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAX and QQQ?
Over the past 3 years, PAX and QQQ moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 256.5 %².
Among the 17 assets we track against PAX, QQQ ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 35.1 percentage points (-8.8% for PAX 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.
PAX vs QQQ: side by side
| PAX (Patria Investments Limited - Class A) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -8.8% | +26.3% |
| 5-year return | -3.0% | +95.4% |
| Volatility (ann.) | 28.8% | 19.6% |
| Beta vs S&P 500 | 0.98 | 1.28 |
| Max drawdown (3Y) | -37.7% | -22.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 5.28% | 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 | PAX | QQQ |
|---|---|---|
| 2022 | -9.9% | -32.6% |
| 2023 | +18.9% | +54.9% |
| 2024 | -20.0% | +25.6% |
| 2025 | +43.1% | +20.8% |
| 2026 | -23.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAX and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PAX and QQQ?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.43 over the last year and 0.44 over 5 years.
Is QQQ a good diversifier for PAX?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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: PAX correlations · QQQ correlations
