QQQ vs QTWO: Correlation
Invesco QQQ Trust (QQQ) and Q2 Holdings, Inc. (QTWO) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and QTWO?
On 3 years of weekly data the QQQ/QTWO correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.07) than the 3-year average (0.39). The 5-year figure is 0.51, and annualized covariance runs at 322.7 %².
By 3-year correlation, QTWO places #713 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with QQQ ahead by 42.3 points (+26.3% versus -16.0%). One caveat on sizing: QTWO is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QTWO: side by side
| QQQ (Invesco QQQ Trust) | QTWO (Q2 Holdings, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -16.0% |
| 5-year return | +95.4% | -24.7% |
| Volatility (ann.) | 19.6% | 41.9% |
| Beta vs S&P 500 | 1.28 | 1.41 |
| Max drawdown (3Y) | -22.8% | -62.0% |
| Market cap | – | $4.1B |
| P/E (trailing) | – | 45.9 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | QTWO |
|---|---|---|
| 2022 | -32.6% | -66.2% |
| 2023 | +54.9% | +61.6% |
| 2024 | +25.6% | +131.9% |
| 2025 | +20.8% | -28.3% |
| 2026 | +17.7% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and QTWO good diversifiers for each other?
Reasonably. At 0.39, QQQ and QTWO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and QTWO?
The QQQ/QTWO correlation stands at 0.39 on a 3-year window (1 year: 0.07, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is QTWO a good diversifier for QQQ?
Reasonably. At 0.39, QQQ and QTWO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-qtwo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-qtwo/)
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Related comparisons
Hubs: QQQ correlations · QTWO correlations
