QQQ vs SRFM: Correlation
How closely do Invesco QQQ Trust (QQQ) and Surf Air Mobility Inc. (SRFM) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SRFM?
Over the past 3 years, QQQ and SRFM moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.50 versus 0.31 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 919.7 %².
Within QQQ's tracked universe of 4755 assets, SRFM comes in at #1438 by 3-year correlation. The last year tells two different stories: QQQ led by 110.2 percentage points, +26.3% for QQQ against -83.9% for SRFM. One caveat on sizing: SRFM is 7.7 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 SRFM: side by side
| QQQ (Invesco QQQ Trust) | SRFM (Surf Air Mobility Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -83.9% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 150.4% |
| Beta vs S&P 500 | 1.28 | 3.45 |
| Max drawdown (3Y) | -22.8% | -96.2% |
| Market cap | – | $0.1B |
| 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 | SRFM |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | – |
| 2024 | +25.6% | -50.3% |
| 2025 | +20.8% | -64.0% |
| 2026 | +17.7% | -62.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SRFM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and SRFM?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.50 over the last year and n/a over 5 years.
Is SRFM a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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-srfm.json
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Related comparisons
Hubs: QQQ correlations · SRFM correlations
