QQQ vs SLB: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Schlumberger (SLB) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SLB?
On 3 years of weekly data the QQQ/SLB correlation comes out at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.12 over 3 years. The 5-year figure is 0.14, and annualized covariance runs at 82.5 %².
Within QQQ's tracked universe of 4755 assets, SLB comes in at #3693 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLB ahead by 30.8 points (+26.3% versus +57.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.13 to 0.40. Note the risk asymmetry: SLB runs 1.8 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 SLB: side by side
| QQQ (Invesco QQQ Trust) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +26.3% | +57.1% |
| 5-year return | +95.4% | +117.1% |
| Volatility (ann.) | 19.6% | 35.1% |
| Beta vs S&P 500 | 1.28 | 0.57 |
| Max drawdown (3Y) | -22.8% | -46.6% |
| Market cap | – | $81.6B |
| P/E (trailing) | – | 26.2 |
| Dividend yield | 0.44% | 2.16% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Energy |
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 | SLB |
|---|---|---|
| 2022 | -32.6% | +81.2% |
| 2023 | +54.9% | -0.8% |
| 2024 | +25.6% | -24.5% |
| 2025 | +20.8% | +3.3% |
| 2026 | +17.7% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SLB good diversifiers for each other?
Yes. With a correlation of 0.12, QQQ and SLB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and SLB?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.10 over the last year and 0.14 over 5 years.
Is SLB a good diversifier for QQQ?
Yes. With a correlation of 0.12, QQQ and SLB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 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.
Use this data
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Related comparisons
Hubs: QQQ correlations · SLB correlations
