QQQ vs SPWH: Correlation
Invesco QQQ Trust (QQQ) and Sportsman's Warehouse Holdings, Inc. (SPWH) show a near-zero relationship: their 3-year correlation of weekly returns is 0.07.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPWH?
Across a 3-year window, the weekly returns of QQQ and SPWH correlate at 0.07, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.33) runs above the 3-year figure (0.07). Stretching to 5 years gives 0.10, with an annualized covariance of 116.9 %².
Within QQQ's tracked universe of 4755 assets, SPWH comes in at #4076 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 84.4 points (+26.3% versus -58.1%). One caveat on sizing: SPWH is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPWH: side by side
| QQQ (Invesco QQQ Trust) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -58.1% |
| 5-year return | +95.4% | -93.6% |
| Volatility (ann.) | 19.6% | 83.1% |
| Beta vs S&P 500 | 1.28 | 0.37 |
| Max drawdown (3Y) | -22.8% | -82.6% |
| Market cap | – | – |
| 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 |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SPWH |
|---|---|---|
| 2022 | -32.6% | -20.3% |
| 2023 | +54.9% | -54.7% |
| 2024 | +25.6% | -37.3% |
| 2025 | +20.8% | -45.3% |
| 2026 | +17.7% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPWH good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and SPWH?
As of 2026-08-27, the correlation of weekly returns between QQQ and SPWH is 0.07 over 3 years, 0.33 over 1 year and 0.10 over 5 years.
Is SPWH a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
A reading of 0.07 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · SPWH correlations
