QQQ vs ROAD: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Construction Partners, Inc. (ROAD) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ROAD?
Across a 3-year window, the weekly returns of QQQ and ROAD correlate at 0.45, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.45). Stretching to 5 years gives 0.45, with an annualized covariance of 410.1 %².
Among the 4755 assets we track against QQQ, ROAD ranks #418 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 31.7 points (+26.3% versus -5.4%). Note the risk asymmetry: ROAD runs 2.4 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 ROAD: side by side
| QQQ (Invesco QQQ Trust) | ROAD (Construction Partners, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -5.4% |
| 5-year return | +95.4% | +241.9% |
| Volatility (ann.) | 19.6% | 46.3% |
| Beta vs S&P 500 | 1.28 | 1.52 |
| Max drawdown (3Y) | -22.8% | -33.6% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 44.8 |
| 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 | ROAD |
|---|---|---|
| 2022 | -32.6% | -9.2% |
| 2023 | +54.9% | +63.1% |
| 2024 | +25.6% | +103.3% |
| 2025 | +20.8% | +22.7% |
| 2026 | +17.7% | +5.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ROAD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and ROAD?
The QQQ/ROAD correlation stands at 0.45 on a 3-year window (1 year: 0.31, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is ROAD a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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-road.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-road/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · ROAD correlations
