QQQ vs SHOP: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SHOP?
Across a 3-year window, the weekly returns of QQQ and SHOP correlate at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.55 over 3 years. Stretching to 5 years gives 0.64, with an annualized covariance of 653.7 %².
Within QQQ's tracked universe of 4755 assets, SHOP comes in at #198 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 16.0 percentage points (+26.3% for QQQ against +10.3% for SHOP). One caveat on sizing: SHOP is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SHOP: side by side
| QQQ (Invesco QQQ Trust) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +26.3% | +10.3% |
| 5-year return | +95.4% | -0.4% |
| Volatility (ann.) | 19.6% | 61.1% |
| Beta vs S&P 500 | 1.28 | 2.40 |
| Max drawdown (3Y) | -22.8% | -46.7% |
| Market cap | – | $200.3B |
| P/E (trailing) | – | 102.2 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SHOP |
|---|---|---|
| 2022 | -32.6% | -74.8% |
| 2023 | +54.9% | +124.4% |
| 2024 | +25.6% | +36.5% |
| 2025 | +20.8% | +51.4% |
| 2026 | +17.7% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that QQQ holds SHOP at a 0.81% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are QQQ and SHOP good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between QQQ and SHOP?
As of 2026-08-27, the correlation of weekly returns between QQQ and SHOP is 0.55 over 3 years, 0.45 over 1 year and 0.64 over 5 years.
Is SHOP a good diversifier for QQQ?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 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-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · SHOP correlations
