QQQ vs QS: Correlation
How closely do Invesco QQQ Trust (QQQ) and QuantumScape Corporation (QS) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and QS?
Across a 3-year window, the weekly returns of QQQ and QS correlate at 0.34, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.34). Stretching to 5 years gives 0.43, with an annualized covariance of 597.1 %².
By 3-year correlation, QS places #1135 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 52.9 percentage points, +26.3% for QQQ against -26.6% for QS. Risk is not evenly split, since QS carries 4.6 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.
QQQ vs QS: side by side
| QQQ (Invesco QQQ Trust) | QS (QuantumScape Corporation) | |
|---|---|---|
| 1-year return | +26.3% | -26.6% |
| 5-year return | +95.4% | -72.4% |
| Volatility (ann.) | 19.6% | 90.7% |
| Beta vs S&P 500 | 1.28 | 2.17 |
| Max drawdown (3Y) | -22.8% | -73.5% |
| Market cap | – | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | QS |
|---|---|---|
| 2022 | -32.6% | -74.4% |
| 2023 | +54.9% | +22.6% |
| 2024 | +25.6% | -25.3% |
| 2025 | +20.8% | +100.8% |
| 2026 | +17.7% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and QS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and QS?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.56 over the last year and 0.43 over 5 years.
Is QS a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: QQQ correlations · QS correlations
