QQQ vs SHLS: Correlation
Invesco QQQ Trust (QQQ) and Shoals Technologies Group, Inc. (SHLS) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SHLS?
Over the past 3 years, QQQ and SHLS moved with a correlation of 0.19, which is weak. The past 12 months show a tighter link (0.32) than the 3-year average (0.19). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 276.3 %².
Among the 4755 assets we track against QQQ, SHLS ranks #2970 by 3-year correlation. Over the last 12 months QQQ came out ahead by 12.1 percentage points (+26.3% against +14.2%). Risk is not evenly split, since SHLS carries 3.8 times the volatility of the other side.
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 SHLS: side by side
| QQQ (Invesco QQQ Trust) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +14.2% |
| 5-year return | +95.4% | -76.8% |
| Volatility (ann.) | 19.6% | 75.0% |
| Beta vs S&P 500 | 1.28 | 1.02 |
| Max drawdown (3Y) | -22.8% | -87.3% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 0.44% | 0.00% |
| 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 | SHLS |
|---|---|---|
| 2022 | -32.6% | +1.5% |
| 2023 | +54.9% | -37.0% |
| 2024 | +25.6% | -64.4% |
| 2025 | +20.8% | +53.7% |
| 2026 | +17.7% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SHLS good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and SHLS?
As of 2026-08-27, the correlation of weekly returns between QQQ and SHLS is 0.19 over 3 years, 0.32 over 1 year and 0.25 over 5 years.
Is SHLS a good diversifier for QQQ?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 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.
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Related comparisons
Hubs: QQQ correlations · SHLS correlations
