PENN vs QQQ: Correlation
PENN Entertainment, Inc. (PENN) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENN and QQQ?
Over the past 3 years, PENN and QQQ moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.40 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 365.8 %².
Within PENN's tracked universe of 16 assets, QQQ comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 39.3 points (-13.0% versus +26.3%). One caveat on sizing: PENN is 2.4 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.
PENN vs QQQ: side by side
| PENN (PENN Entertainment, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -13.0% | +26.3% |
| 5-year return | -78.7% | +95.4% |
| Volatility (ann.) | 47.0% | 19.6% |
| Beta vs S&P 500 | 1.50 | 1.28 |
| Max drawdown (3Y) | -55.8% | -22.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| 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 | PENN | QQQ |
|---|---|---|
| 2022 | -42.7% | -32.6% |
| 2023 | -12.4% | +54.9% |
| 2024 | -23.8% | +25.6% |
| 2025 | -25.6% | +20.8% |
| 2026 | +17.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENN and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PENN and QQQ?
The PENN/QQQ correlation stands at 0.40 on a 3-year window (1 year: 0.24, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for PENN?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: PENN correlations · QQQ correlations
