QQQ vs SPHR: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Sphere Entertainment Co. (SPHR) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPHR?
Over the past 3 years, QQQ and SPHR moved with a correlation of 0.38, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.38). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 379.6 %².
Among the 4755 assets we track against QQQ, SPHR ranks #797 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPHR outperformed by 216.4 percentage points (+26.3% for QQQ against +242.7% for SPHR). Risk is not evenly split, since SPHR 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 SPHR: side by side
| QQQ (Invesco QQQ Trust) | SPHR (Sphere Entertainment Co.) | |
|---|---|---|
| 1-year return | +26.3% | +242.7% |
| 5-year return | +95.4% | +308.6% |
| Volatility (ann.) | 19.6% | 51.1% |
| Beta vs S&P 500 | 1.28 | 1.54 |
| Max drawdown (3Y) | -22.8% | -52.3% |
| Market cap | – | $5.3B |
| 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 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 | SPHR |
|---|---|---|
| 2022 | -32.6% | -36.1% |
| 2023 | +54.9% | +63.5% |
| 2024 | +25.6% | +18.7% |
| 2025 | +20.8% | +135.8% |
| 2026 | +17.7% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPHR good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and SPHR?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.21 over the last year and 0.37 over 5 years.
Is SPHR a good diversifier for QQQ?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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.
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Related comparisons
Hubs: QQQ correlations · SPHR correlations
