QQQ vs SLV: Correlation
Invesco QQQ Trust (QQQ) and iShares Silver Trust (SLV) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SLV?
Across a 3-year window, the weekly returns of QQQ and SLV correlate at 0.29, weak. The link has tightened recently: the 1-year correlation (0.39) runs above the 3-year figure (0.29). Stretching to 5 years gives 0.26, with an annualized covariance of 220.4 %².
Within QQQ's tracked universe of 4755 assets, SLV comes in at #1659 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLV ahead by 53.1 points (+26.3% versus +79.4%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.02 and 0.49 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since SLV carries 2.0 times the volatility of the other side.
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 SLV: side by side
| QQQ (Invesco QQQ Trust) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +26.3% | +79.4% |
| 5-year return | +95.4% | +182.0% |
| Volatility (ann.) | 19.6% | 38.6% |
| Beta vs S&P 500 | 1.28 | 0.80 |
| Max drawdown (3Y) | -22.8% | -52.3% |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | 0.50% |
| Assets under management | $452.8B | $28.1B |
| Sector / category | ETF · US Growth & Tech | ETF · Commodities |
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. SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SLV |
|---|---|---|
| 2022 | -32.6% | +2.4% |
| 2023 | +54.9% | -1.1% |
| 2024 | +25.6% | +20.9% |
| 2025 | +20.8% | +144.7% |
| 2026 | +17.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and SLV?
The QQQ/SLV correlation stands at 0.29 on a 3-year window (1 year: 0.39, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QQQ correlations · SLV correlations
