QQQ vs SKWD: Correlation
Invesco QQQ Trust (QQQ) and Skyward Specialty Insurance Group, Inc. (SKWD) 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 SKWD?
Over the past 3 years, QQQ and SKWD moved with a correlation of 0.05, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.05 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 33.5 %².
Among the 4755 assets we track against QQQ, SKWD ranks #4221 by 3-year correlation. Over the last 12 months QQQ came out ahead by 7.8 percentage points (+26.3% against +18.5%). One caveat on sizing: SKWD is 1.8 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 SKWD: side by side
| QQQ (Invesco QQQ Trust) | SKWD (Skyward Specialty Insurance Group, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +18.5% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 34.9% |
| Beta vs S&P 500 | 1.28 | 0.31 |
| Max drawdown (3Y) | -22.8% | -36.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 13.4 |
| 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 | SKWD |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | – |
| 2024 | +25.6% | +49.2% |
| 2025 | +20.8% | +1.1% |
| 2026 | +17.7% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SKWD good diversifiers for each other?
Yes. With a correlation of 0.05, QQQ and SKWD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and SKWD?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with -0.05 over the last year and n/a over 5 years.
Is SKWD a good diversifier for QQQ?
Yes. With a correlation of 0.05, QQQ and SKWD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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-skwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-skwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · SKWD correlations
