QQQ vs RAIL: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Freightcar America, Inc. (RAIL) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RAIL?
Over the past 3 years, QQQ and RAIL moved with a correlation of 0.29, which is weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.29). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 428.8 %².
Within QQQ's tracked universe of 4755 assets, RAIL comes in at #1645 by 3-year correlation. The last year tells two different stories: QQQ led by 42.4 percentage points, +26.3% for QQQ against -16.1% for RAIL. One caveat on sizing: RAIL is 3.8 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 RAIL: side by side
| QQQ (Invesco QQQ Trust) | RAIL (Freightcar America, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -16.1% |
| 5-year return | +95.4% | +36.6% |
| Volatility (ann.) | 19.6% | 75.3% |
| Beta vs S&P 500 | 1.28 | 1.84 |
| Max drawdown (3Y) | -22.8% | -71.7% |
| Market cap | – | $0.2B |
| 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 |
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 | RAIL |
|---|---|---|
| 2022 | -32.6% | -13.3% |
| 2023 | +54.9% | -15.6% |
| 2024 | +25.6% | +231.9% |
| 2025 | +20.8% | +23.5% |
| 2026 | +17.7% | -34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RAIL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and RAIL?
As of 2026-08-27, the correlation of weekly returns between QQQ and RAIL is 0.29 over 3 years, 0.08 over 1 year and 0.26 over 5 years.
Is RAIL a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-rail.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-rail/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQ correlations · RAIL correlations
