QQQ vs RDW: Correlation
Invesco QQQ Trust (QQQ) and Redwire Corporation (RDW) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RDW?
On 3 years of weekly data the QQQ/RDW correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 835.6 %².
Among the 4755 assets we track against QQQ, RDW ranks #527 by 3-year correlation. Twelve-month performance is nearly a tie, at +26.3% for QQQ and +25.4% for RDW. Risk is not evenly split, since RDW carries 5.2 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 RDW: side by side
| QQQ (Invesco QQQ Trust) | RDW (Redwire Corporation) | |
|---|---|---|
| 1-year return | +26.3% | +25.4% |
| 5-year return | +95.4% | +12.9% |
| Volatility (ann.) | 19.6% | 101.5% |
| Beta vs S&P 500 | 1.28 | 3.01 |
| Max drawdown (3Y) | -22.8% | -80.3% |
| Market cap | – | $2.8B |
| 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 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 | QQQ | RDW |
|---|---|---|
| 2022 | -32.6% | -70.7% |
| 2023 | +54.9% | +43.9% |
| 2024 | +25.6% | +477.5% |
| 2025 | +20.8% | -53.8% |
| 2026 | +17.7% | +48.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RDW good diversifiers for each other?
Reasonably. At 0.42, QQQ and RDW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and RDW?
The QQQ/RDW correlation stands at 0.42 on a 3-year window (1 year: 0.46, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is RDW a good diversifier for QQQ?
Reasonably. At 0.42, QQQ and RDW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: QQQ correlations · RDW correlations
