QQQ vs SNDL: Correlation
How closely do Invesco QQQ Trust (QQQ) and SNDL Inc. (SNDL) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SNDL?
Across a 3-year window, the weekly returns of QQQ and SNDL correlate at 0.18, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.18 over 3. Stretching to 5 years gives 0.25, with an annualized covariance of 183.3 %².
Among the 4755 assets we track against QQQ, SNDL ranks #3092 by 3-year correlation. The last year tells two different stories: QQQ led by 72.9 percentage points, +26.3% for QQQ against -46.6% for SNDL. Risk is not evenly split, since SNDL carries 2.6 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 SNDL: side by side
| QQQ (Invesco QQQ Trust) | SNDL (SNDL Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -46.6% |
| 5-year return | +95.4% | -81.9% |
| Volatility (ann.) | 19.6% | 51.2% |
| Beta vs S&P 500 | 1.28 | 0.81 |
| Max drawdown (3Y) | -22.8% | -57.4% |
| Market cap | – | $0.3B |
| 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 |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SNDL |
|---|---|---|
| 2022 | -32.6% | -63.8% |
| 2023 | +54.9% | -21.5% |
| 2024 | +25.6% | +9.1% |
| 2025 | +20.8% | -7.3% |
| 2026 | +17.7% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SNDL good diversifiers for each other?
Yes. With a correlation of 0.18, QQQ and SNDL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and SNDL?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.20 over the last year and 0.25 over 5 years.
Is SNDL a good diversifier for QQQ?
Yes. With a correlation of 0.18, QQQ and SNDL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 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 · SNDL correlations
