PNW vs QQQ: Correlation
Pinnacle West Capital (PNW) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is -0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNW and QQQ?
Across a 3-year window, the weekly returns of PNW and QQQ correlate at -0.06, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.19) than the 3-year average (-0.06). Stretching to 5 years gives 0.17, with an annualized covariance of -20.7 %².
Among the 36 assets we track against PNW, QQQ ranks #26 by 3-year correlation. The trailing year gives QQQ the advantage: +12.4% versus +26.3%, a 13.9-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.36 and 0.36 over the past three years, so this pair behaves very differently depending on the market environment.
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.
PNW vs QQQ: side by side
| PNW (Pinnacle West Capital) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +12.4% | +26.3% |
| 5-year return | +59.3% | +95.4% |
| Volatility (ann.) | 18.2% | 19.6% |
| Beta vs S&P 500 | 0.09 | 1.28 |
| Max drawdown (3Y) | -14.4% | -22.8% |
| Market cap | $11.9B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 3.67% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Utilities | 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 | PNW | QQQ |
|---|---|---|
| 2022 | +13.0% | -32.6% |
| 2023 | -1.2% | +54.9% |
| 2024 | +23.5% | +25.6% |
| 2025 | +8.9% | +20.8% |
| 2026 | +13.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNW and QQQ good diversifiers for each other?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PNW and QQQ?
The PNW/QQQ correlation stands at -0.06 on a 3-year window (1 year: -0.19, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for PNW?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.06 mean?
A reading of -0.06 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
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Related comparisons
Hubs: PNW correlations · QQQ correlations
