QQQ vs SWX: Correlation
How closely do Invesco QQQ Trust (QQQ) and Southwest Gas Holdings, Inc. (SWX) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SWX?
Over the past 3 years, QQQ and SWX moved with a correlation of 0.12, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.12 over 3 years. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 50.3 %².
Among the 4755 assets we track against QQQ, SWX ranks #3699 by 3-year correlation. On 12-month performance QQQ holds a 8.6-point edge, +26.3% against +17.7%.
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 SWX: side by side
| QQQ (Invesco QQQ Trust) | SWX (Southwest Gas Holdings, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +17.7% |
| 5-year return | +95.4% | +51.6% |
| Volatility (ann.) | 19.6% | 21.1% |
| Beta vs S&P 500 | 1.28 | 0.35 |
| Max drawdown (3Y) | -22.8% | -14.8% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 23.3 |
| Dividend yield | 0.44% | 2.76% |
| 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 | SWX |
|---|---|---|
| 2022 | -32.6% | -8.7% |
| 2023 | +54.9% | +6.6% |
| 2024 | +25.6% | +15.7% |
| 2025 | +20.8% | +16.9% |
| 2026 | +17.7% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SWX good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and SWX?
The QQQ/SWX correlation stands at 0.12 on a 3-year window (1 year: -0.08, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SWX a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QQQ correlations · SWX correlations
