QQQ vs SJT: Correlation
Invesco QQQ Trust (QQQ) and San Juan Basin Royalty Trust (SJT) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SJT?
Across a 3-year window, the weekly returns of QQQ and SJT correlate at 0.05, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.02) sits close to the 3-year figure. Stretching to 5 years gives 0.13, with an annualized covariance of 42.1 %².
Among the 4755 assets we track against QQQ, SJT ranks #4220 by 3-year correlation. The last year tells two different stories: QQQ led by 79.1 percentage points, +26.3% for QQQ against -52.8% for SJT. One caveat on sizing: SJT is 2.1 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 SJT: side by side
| QQQ (Invesco QQQ Trust) | SJT (San Juan Basin Royalty Trust) | |
|---|---|---|
| 1-year return | +26.3% | -52.8% |
| 5-year return | +95.4% | -10.0% |
| Volatility (ann.) | 19.6% | 41.6% |
| Beta vs S&P 500 | 1.28 | 0.18 |
| Max drawdown (3Y) | -22.8% | -67.4% |
| Market cap | – | – |
| 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 | SJT |
|---|---|---|
| 2022 | -32.6% | +120.6% |
| 2023 | +54.9% | -50.0% |
| 2024 | +25.6% | -22.9% |
| 2025 | +20.8% | +46.7% |
| 2026 | +17.7% | -51.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SJT good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and SJT?
As of 2026-08-27, the correlation of weekly returns between QQQ and SJT is 0.05 over 3 years, 0.02 over 1 year and 0.13 over 5 years.
Is SJT a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 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 · SJT correlations
