QQQ vs SAN: Correlation
How closely do Invesco QQQ Trust (QQQ) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SAN?
Across a 3-year window, the weekly returns of QQQ and SAN correlate at 0.42, moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.42). Stretching to 5 years gives 0.41, with an annualized covariance of 241.9 %².
Among the 4755 assets we track against QQQ, SAN ranks #529 by 3-year correlation. The last year tells two different stories: SAN led by 30.9 percentage points, +26.3% for QQQ against +57.2% for SAN.
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 SAN: side by side
| QQQ (Invesco QQQ Trust) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +26.3% | +57.2% |
| 5-year return | +95.4% | +366.8% |
| Volatility (ann.) | 19.6% | 29.2% |
| Beta vs S&P 500 | 1.28 | 1.01 |
| Max drawdown (3Y) | -22.8% | -20.3% |
| Market cap | – | $211.5B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 0.44% | 0.85% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SAN |
|---|---|---|
| 2022 | -32.6% | -6.6% |
| 2023 | +54.9% | +46.2% |
| 2024 | +25.6% | +15.1% |
| 2025 | +20.8% | +161.6% |
| 2026 | +17.7% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SAN good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and SAN?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.52 over the last year and 0.41 over 5 years.
Is SAN a good diversifier for QQQ?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · SAN correlations
