QQQ vs TCX: Correlation
Invesco QQQ Trust (QQQ) and Tucows Inc. (TCX) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TCX?
On 3 years of weekly data the QQQ/TCX correlation comes out at 0.19, weak. Recent behaviour matches the longer record: 0.11 over 1 year against 0.19 over 3. The 5-year figure is 0.28, and annualized covariance runs at 275.4 %².
Within QQQ's tracked universe of 4755 assets, TCX comes in at #2977 by 3-year correlation. The last year tells two different stories: QQQ led by 73.6 percentage points, +26.3% for QQQ against -47.3% for TCX. Note the risk asymmetry: TCX runs 3.7 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 TCX: side by side
| QQQ (Invesco QQQ Trust) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -47.3% |
| 5-year return | +95.4% | -86.5% |
| Volatility (ann.) | 19.6% | 72.4% |
| Beta vs S&P 500 | 1.28 | 1.23 |
| Max drawdown (3Y) | -22.8% | -69.3% |
| 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 | TCX |
|---|---|---|
| 2022 | -32.6% | -59.5% |
| 2023 | +54.9% | -20.4% |
| 2024 | +25.6% | -36.5% |
| 2025 | +20.8% | +30.8% |
| 2026 | +17.7% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TCX good diversifiers for each other?
Yes. With a correlation of 0.19, QQQ and TCX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and TCX?
The QQQ/TCX correlation stands at 0.19 on a 3-year window (1 year: 0.11, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is TCX a good diversifier for QQQ?
Yes. With a correlation of 0.19, QQQ and TCX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-tcx.json
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Related comparisons
Hubs: QQQ correlations · TCX correlations
