QQQ vs SWBI: Correlation
How closely do Invesco QQQ Trust (QQQ) and Smith & Wesson Brands, Inc. (SWBI) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SWBI?
On 3 years of weekly data the QQQ/SWBI correlation comes out at 0.06, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.10 lands near the 3-year figure. The 5-year figure is 0.28, and annualized covariance runs at 49.1 %².
Within QQQ's tracked universe of 4755 assets, SWBI comes in at #4142 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SWBI outperformed by 40.1 percentage points (+26.3% for QQQ against +66.4% for SWBI). Note the risk asymmetry: SWBI runs 2.0 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 SWBI: side by side
| QQQ (Invesco QQQ Trust) | SWBI (Smith & Wesson Brands, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +66.4% |
| 5-year return | +95.4% | -34.9% |
| Volatility (ann.) | 19.6% | 39.8% |
| Beta vs S&P 500 | 1.28 | 0.30 |
| Max drawdown (3Y) | -22.8% | -54.2% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 32.7 |
| Dividend yield | 0.44% | 3.89% |
| 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 | SWBI |
|---|---|---|
| 2022 | -32.6% | -49.6% |
| 2023 | +54.9% | +62.2% |
| 2024 | +25.6% | -22.5% |
| 2025 | +20.8% | +3.1% |
| 2026 | +17.7% | +34.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SWBI good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and SWBI?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.10 over the last year and 0.28 over 5 years.
Is SWBI a good diversifier for QQQ?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 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-swbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-swbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQ correlations · SWBI correlations
