PPIH vs QQQ: Correlation
Measured on weekly returns over the past three years, Perma-Pipe International Holdings, Inc. (PPIH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPIH and QQQ?
On 3 years of weekly data the PPIH/QQQ correlation comes out at 0.18, weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.18). The 5-year figure is 0.10, and annualized covariance runs at 216.1 %².
Among the 12 assets we track against PPIH, QQQ sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 37.1 percentage points (-10.8% for PPIH against +26.3% for QQQ). Risk is not evenly split, since PPIH carries 3.1 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.
PPIH vs QQQ: side by side
| PPIH (Perma-Pipe International Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -10.8% | +26.3% |
| 5-year return | +284.5% | +95.4% |
| Volatility (ann.) | 60.6% | 19.6% |
| Beta vs S&P 500 | 0.98 | 1.28 |
| Max drawdown (3Y) | -45.8% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| 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 | PPIH | QQQ |
|---|---|---|
| 2022 | +8.9% | -32.6% |
| 2023 | -16.0% | +54.9% |
| 2024 | +88.3% | +25.6% |
| 2025 | +103.1% | +20.8% |
| 2026 | -10.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPIH and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between PPIH and QQQ?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.04 over the last year and 0.10 over 5 years.
Is QQQ a good diversifier for PPIH?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 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.
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Related comparisons
Hubs: PPIH correlations · QQQ correlations
