QQQ vs SES: Correlation
How closely do Invesco QQQ Trust (QQQ) and SES AI Corporation (SES) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SES?
Over the past 3 years, QQQ and SES moved with a correlation of 0.13, which is weak. The link has tightened recently: the 1-year correlation (0.26) runs above the 3-year figure (0.13). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 734.1 %².
By 3-year correlation, SES places #3583 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with QQQ ahead by 77.3 points (+26.3% versus -51.0%). Note the risk asymmetry: SES runs 15.0 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 SES: side by side
| QQQ (Invesco QQQ Trust) | SES (SES AI Corporation) | |
|---|---|---|
| 1-year return | +26.3% | -51.0% |
| 5-year return | +95.4% | -94.5% |
| Volatility (ann.) | 19.6% | 294.5% |
| Beta vs S&P 500 | 1.28 | 2.43 |
| Max drawdown (3Y) | -22.8% | -89.7% |
| Market cap | – | $0.2B |
| 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 | SES |
|---|---|---|
| 2022 | -32.6% | -68.3% |
| 2023 | +54.9% | -41.9% |
| 2024 | +25.6% | +19.7% |
| 2025 | +20.8% | -17.8% |
| 2026 | +17.7% | -69.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SES good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and SES?
As of 2026-08-27, the correlation of weekly returns between QQQ and SES is 0.13 over 3 years, 0.26 over 1 year and 0.12 over 5 years.
Is SES a good diversifier for QQQ?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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-ses.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-ses/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQ correlations · SES correlations
