PIII vs QQQ: Correlation
Measured on weekly returns over the past three years, P3 Health Partners Inc. (PIII) and Invesco QQQ Trust (QQQ) carry a correlation of 0.04, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PIII and QQQ?
On 3 years of weekly data the PIII/QQQ correlation comes out at 0.04, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.03 over 1 year against 0.04 over 3. The 5-year figure is 0.14, and annualized covariance runs at 109.5 %².
By 3-year correlation, QQQ places #16 of the 28 assets tracked against PIII. The trailing year gives QQQ the advantage: +19.6% versus +26.3%, a 6.7-point spread. Risk is not evenly split, since PIII carries 7.9 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.
PIII vs QQQ: side by side
| PIII (P3 Health Partners Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.6% | +26.3% |
| 5-year return | -98.1% | +95.4% |
| Volatility (ann.) | 154.4% | 19.6% |
| Beta vs S&P 500 | 0.52 | 1.28 |
| Max drawdown (3Y) | -98.9% | -22.8% |
| Market cap | $1.9B | – |
| 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 | PIII | QQQ |
|---|---|---|
| 2022 | -73.9% | -32.6% |
| 2023 | -23.4% | +54.9% |
| 2024 | -84.0% | +25.6% |
| 2025 | -69.0% | +20.8% |
| 2026 | +169.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PIII and QQQ good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PIII and QQQ?
The PIII/QQQ correlation stands at 0.04 on a 3-year window (1 year: -0.03, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for PIII?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 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: PIII correlations · QQQ correlations
