PWP vs QQQ: Correlation
How closely do Perella Weinberg Partners (PWP) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PWP and QQQ?
Over the past 3 years, PWP and QQQ moved with a correlation of 0.36, which is moderate. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.36). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 285.4 %².
QQQ is close to the least connected end of PWP's tracked universe, ranking #7 of 10. The last year tells two different stories: QQQ led by 49.6 percentage points, -23.3% for PWP against +26.3% for QQQ. Risk is not evenly split, since PWP carries 2.0 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.
PWP vs QQQ: side by side
| PWP (Perella Weinberg Partners) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -23.3% | +26.3% |
| 5-year return | +35.6% | +95.4% |
| Volatility (ann.) | 40.0% | 19.6% |
| Beta vs S&P 500 | 1.36 | 1.28 |
| Max drawdown (3Y) | -43.1% | -22.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 62.8 | – |
| Dividend yield | 1.70% | 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 | PWP | QQQ |
|---|---|---|
| 2022 | -21.2% | -32.6% |
| 2023 | +28.4% | +54.9% |
| 2024 | +98.2% | +25.6% |
| 2025 | -26.5% | +20.8% |
| 2026 | -1.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PWP and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PWP and QQQ?
As of 2026-08-27, the correlation of weekly returns between PWP and QQQ is 0.36 over 3 years, 0.15 over 1 year and 0.40 over 5 years.
Is QQQ a good diversifier for PWP?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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: PWP correlations · QQQ correlations
