QQQ vs STEP: Correlation
Invesco QQQ Trust (QQQ) and StepStone Group Inc. (STEP) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and STEP?
Over the past 3 years, QQQ and STEP moved with a correlation of 0.50, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 369.9 %².
Within QQQ's tracked universe of 4755 assets, STEP comes in at #285 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 43.4 points (+26.3% versus -17.1%). Risk is not evenly split, since STEP carries 1.9 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 STEP: side by side
| QQQ (Invesco QQQ Trust) | STEP (StepStone Group Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -17.1% |
| 5-year return | +95.4% | +20.7% |
| Volatility (ann.) | 19.6% | 37.9% |
| Beta vs S&P 500 | 1.28 | 1.43 |
| Max drawdown (3Y) | -22.8% | -46.9% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 2.25% |
| 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 | STEP |
|---|---|---|
| 2022 | -32.6% | -37.8% |
| 2023 | +54.9% | +31.7% |
| 2024 | +25.6% | +85.9% |
| 2025 | +20.8% | +13.6% |
| 2026 | +17.7% | -19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and STEP good diversifiers for each other?
Only partially. A correlation of 0.50 means QQQ and STEP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between QQQ and STEP?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.47 over the last year and 0.56 over 5 years.
Is STEP a good diversifier for QQQ?
Only partially. A correlation of 0.50 means QQQ and STEP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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-step.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-step/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · STEP correlations
