QQQ vs SRL: Correlation
How closely do Invesco QQQ Trust (QQQ) and Scully Royalty Ltd. (SRL) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SRL?
On 3 years of weekly data the QQQ/SRL correlation comes out at 0.04, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.04 over 1 year against 0.04 over 3. The 5-year figure is 0.16, and annualized covariance runs at 41.9 %².
By 3-year correlation, SRL places #4277 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 16.1 percentage points, +26.3% for QQQ against +10.2% for SRL. Risk is not evenly split, since SRL 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 SRL: side by side
| QQQ (Invesco QQQ Trust) | SRL (Scully Royalty Ltd.) | |
|---|---|---|
| 1-year return | +26.3% | +10.2% |
| 5-year return | +95.4% | -40.6% |
| Volatility (ann.) | 19.6% | 50.0% |
| Beta vs S&P 500 | 1.28 | 0.34 |
| Max drawdown (3Y) | -22.8% | -51.2% |
| 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 |
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 | SRL |
|---|---|---|
| 2022 | -32.6% | -4.5% |
| 2023 | +54.9% | -19.1% |
| 2024 | +25.6% | +51.6% |
| 2025 | +20.8% | -4.5% |
| 2026 | +17.7% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SRL good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and SRL?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with -0.04 over the last year and 0.16 over 5 years.
Is SRL a good diversifier for QQQ?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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 · SRL correlations
