QQQ vs REFR: Correlation
Invesco QQQ Trust (QQQ) and Research Frontiers Incorporated (REFR) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and REFR?
On 3 years of weekly data the QQQ/REFR correlation comes out at 0.09, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. The 5-year figure is 0.08, and annualized covariance runs at 116.1 %².
Within QQQ's tracked universe of 4755 assets, REFR comes in at #3923 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 91.7 percentage points (+26.3% for QQQ against -65.4% for REFR). One caveat on sizing: REFR is 3.5 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 REFR: side by side
| QQQ (Invesco QQQ Trust) | REFR (Research Frontiers Incorporated) | |
|---|---|---|
| 1-year return | +26.3% | -65.4% |
| 5-year return | +95.4% | -78.3% |
| Volatility (ann.) | 19.6% | 68.5% |
| Beta vs S&P 500 | 1.28 | 0.52 |
| Max drawdown (3Y) | -22.8% | -83.5% |
| Market cap | – | – |
| 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 |
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 | REFR |
|---|---|---|
| 2022 | -32.6% | +11.0% |
| 2023 | +54.9% | -47.1% |
| 2024 | +25.6% | +69.3% |
| 2025 | +20.8% | -23.4% |
| 2026 | +17.7% | -63.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and REFR good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and REFR?
The QQQ/REFR correlation stands at 0.09 on a 3-year window (1 year: 0.11, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is REFR a good diversifier for QQQ?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
A reading of 0.09 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-refr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-refr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · REFR correlations
