QQQ vs RAY: Correlation
Invesco QQQ Trust (QQQ) and Raytech Holding Limited (RAY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RAY?
On 3 years of weekly data the QQQ/RAY correlation comes out at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.01) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 167.4 %².
Within QQQ's tracked universe of 4755 assets, RAY comes in at #4128 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 110.3 percentage points (+26.3% for QQQ against -84.0% for RAY). Note the risk asymmetry: RAY runs 7.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RAY: side by side
| QQQ (Invesco QQQ Trust) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +26.3% | -84.0% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 146.1% |
| Beta vs S&P 500 | 1.28 | 0.37 |
| Max drawdown (3Y) | -22.8% | -97.7% |
| Market cap | – | – |
| P/E (trailing) | – | 3.0 |
| 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 | RAY |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | – |
| 2024 | +25.6% | – |
| 2025 | +20.8% | -90.5% |
| 2026 | +17.7% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RAY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and RAY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with -0.01 over the last year and n/a over 5 years.
Is RAY a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · RAY correlations
