PEN vs QQQ: Correlation
How closely do Penumbra, Inc. (PEN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEN and QQQ?
Over the past 3 years, PEN and QQQ moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.23) runs below the 3-year figure (0.08). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 58.0 %².
QQQ is close to the least connected end of PEN's tracked universe, ranking #8 of 12. The trailing year gives QQQ the advantage: +20.3% versus +26.3%, a 6.0-point spread. Risk is not evenly split, since PEN carries 1.8 times the volatility of the other side.
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.
PEN vs QQQ: side by side
| PEN (Penumbra, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +20.3% | +26.3% |
| 5-year return | +18.7% | +95.4% |
| Volatility (ann.) | 36.0% | 19.6% |
| Beta vs S&P 500 | 0.30 | 1.28 |
| Max drawdown (3Y) | -45.5% | -22.8% |
| Market cap | $12.6B | – |
| P/E (trailing) | 79.5 | – |
| Dividend yield | 0.00% | 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 | PEN | QQQ |
|---|---|---|
| 2022 | -22.6% | -32.6% |
| 2023 | +13.1% | +54.9% |
| 2024 | -5.6% | +25.6% |
| 2025 | +30.9% | +20.8% |
| 2026 | +3.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEN and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between PEN and QQQ?
The PEN/QQQ correlation stands at 0.08 on a 3-year window (1 year: -0.23, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for PEN?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pen-vs-qqq.json
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Related comparisons
Hubs: PEN correlations · QQQ correlations
