QQQ vs SHEN: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Shenandoah Telecommunications Co (SHEN) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SHEN?
On 3 years of weekly data the QQQ/SHEN correlation comes out at 0.03, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.14 versus 0.03 over 3 years. The 5-year figure is 0.18, and annualized covariance runs at 26.2 %².
Among the 4755 assets we track against QQQ, SHEN ranks #4339 by 3-year correlation. The last year tells two different stories: QQQ led by 34.8 percentage points, +26.3% for QQQ against -8.5% for SHEN. Note the risk asymmetry: SHEN runs 2.1 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 SHEN: side by side
| QQQ (Invesco QQQ Trust) | SHEN (Shenandoah Telecommunications Co) | |
|---|---|---|
| 1-year return | +26.3% | -8.5% |
| 5-year return | +95.4% | -57.4% |
| Volatility (ann.) | 19.6% | 41.9% |
| Beta vs S&P 500 | 1.28 | 0.25 |
| Max drawdown (3Y) | -22.8% | -59.2% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.89% |
| 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 | SHEN |
|---|---|---|
| 2022 | -32.6% | -37.5% |
| 2023 | +54.9% | +36.6% |
| 2024 | +25.6% | -41.3% |
| 2025 | +20.8% | -7.4% |
| 2026 | +17.7% | +5.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SHEN good diversifiers for each other?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and SHEN?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with 0.14 over the last year and 0.18 over 5 years.
Is SHEN a good diversifier for QQQ?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.03 mean?
A reading of 0.03 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-shen.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-shen/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · SHEN correlations
