QQQ vs REFI: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Chicago Atlantic Real Estate Finance, Inc. (REFI) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and REFI?
Over the past 3 years, QQQ and REFI moved with a correlation of 0.34, which is moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 127.9 %².
Within QQQ's tracked universe of 4755 assets, REFI comes in at #1136 by 3-year correlation. The last year tells two different stories: QQQ led by 38.9 percentage points, +26.3% for QQQ against -12.6% for REFI.
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 REFI: side by side
| QQQ (Invesco QQQ Trust) | REFI (Chicago Atlantic Real Estate Finance, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -12.6% |
| 5-year return | +95.4% | +21.3% |
| Volatility (ann.) | 19.6% | 19.4% |
| Beta vs S&P 500 | 1.28 | 0.51 |
| Max drawdown (3Y) | -22.8% | -24.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 7.8 |
| Dividend yield | 0.44% | 17.60% |
| 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 | REFI |
|---|---|---|
| 2022 | -32.6% | +3.4% |
| 2023 | +54.9% | +23.7% |
| 2024 | +25.6% | +8.7% |
| 2025 | +20.8% | -8.7% |
| 2026 | +17.7% | -5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and REFI 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 REFI?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.36 over the last year and 0.31 over 5 years.
Is REFI 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?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-refi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-refi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · REFI correlations
