QQQ vs SPSC: Correlation
How closely do Invesco QQQ Trust (QQQ) and SPS Commerce, Inc. (SPSC) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPSC?
On 3 years of weekly data the QQQ/SPSC correlation comes out at 0.30, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.30 over 3 years. The 5-year figure is 0.43, and annualized covariance runs at 261.3 %².
Within QQQ's tracked universe of 4755 assets, SPSC comes in at #1535 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 51.7 percentage points (+26.3% for QQQ against -25.4% for SPSC). Note the risk asymmetry: SPSC runs 2.3 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 SPSC: side by side
| QQQ (Invesco QQQ Trust) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -25.4% |
| 5-year return | +95.4% | -38.6% |
| Volatility (ann.) | 19.6% | 44.2% |
| Beta vs S&P 500 | 1.28 | 1.10 |
| Max drawdown (3Y) | -22.8% | -76.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 40.5 |
| 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 | SPSC |
|---|---|---|
| 2022 | -32.6% | -9.8% |
| 2023 | +54.9% | +50.9% |
| 2024 | +25.6% | -5.1% |
| 2025 | +20.8% | -51.6% |
| 2026 | +17.7% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPSC good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and SPSC?
The QQQ/SPSC correlation stands at 0.30 on a 3-year window (1 year: 0.07, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPSC a good diversifier for QQQ?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: QQQ correlations · SPSC correlations
