PHAT vs QQQ: Correlation
Measured on weekly returns over the past three years, Phathom Pharmaceuticals, Inc. (PHAT) and Invesco QQQ Trust (QQQ) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAT and QQQ?
Over the past 3 years, PHAT and QQQ moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.22 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 472.9 %².
QQQ is close to the least connected end of PHAT's tracked universe, ranking #9 of 12. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 54.4 percentage points (-28.1% for PHAT against +26.3% for QQQ). One caveat on sizing: PHAT is 5.3 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.
PHAT vs QQQ: side by side
| PHAT (Phathom Pharmaceuticals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -28.1% | +26.3% |
| 5-year return | -74.1% | +95.4% |
| Volatility (ann.) | 103.2% | 19.6% |
| Beta vs S&P 500 | 1.89 | 1.28 |
| Max drawdown (3Y) | -88.3% | -22.8% |
| Market cap | $0.7B | – |
| 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 | PHAT | QQQ |
|---|---|---|
| 2022 | -43.0% | -32.6% |
| 2023 | -18.6% | +54.9% |
| 2024 | -11.1% | +25.6% |
| 2025 | +104.3% | +20.8% |
| 2026 | -46.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAT and QQQ good diversifiers for each other?
Reasonably. At 0.23, PHAT and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PHAT and QQQ?
The PHAT/QQQ correlation stands at 0.23 on a 3-year window (1 year: 0.22, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for PHAT?
Reasonably. At 0.23, PHAT and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/phat-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/phat-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PHAT correlations · QQQ correlations
