QQQ vs SKYW: Correlation
Invesco QQQ Trust (QQQ) and SkyWest, Inc. (SKYW) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SKYW?
Over the past 3 years, QQQ and SKYW moved with a correlation of 0.33, which is moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.33). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 213.8 %².
By 3-year correlation, SKYW places #1231 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 45.6 percentage points, +26.3% for QQQ against -19.3% for SKYW. Note the risk asymmetry: SKYW runs 1.7 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 SKYW: side by side
| QQQ (Invesco QQQ Trust) | SKYW (SkyWest, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -19.3% |
| 5-year return | +95.4% | +114.2% |
| Volatility (ann.) | 19.6% | 33.3% |
| Beta vs S&P 500 | 1.28 | 0.95 |
| Max drawdown (3Y) | -22.8% | -36.6% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 9.8 |
| 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 | SKYW |
|---|---|---|
| 2022 | -32.6% | -58.0% |
| 2023 | +54.9% | +216.2% |
| 2024 | +25.6% | +91.8% |
| 2025 | +20.8% | +0.3% |
| 2026 | +17.7% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SKYW good diversifiers for each other?
Reasonably. At 0.33, QQQ and SKYW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and SKYW?
As of 2026-08-27, the correlation of weekly returns between QQQ and SKYW is 0.33 over 3 years, 0.20 over 1 year and 0.38 over 5 years.
Is SKYW a good diversifier for QQQ?
Reasonably. At 0.33, QQQ and SKYW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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-skyw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-skyw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · SKYW correlations
