QQQ vs TD: Correlation
How closely do Invesco QQQ Trust (QQQ) and Toronto Dominion Bank (The) (TD) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TD?
On 3 years of weekly data the QQQ/TD correlation comes out at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.50) runs above the 3-year figure (0.35). The 5-year figure is 0.38, and annualized covariance runs at 130.9 %².
Among the 4755 assets we track against QQQ, TD ranks #1050 by 3-year correlation. The last year tells two different stories: TD led by 35.1 percentage points, +26.3% for QQQ against +61.4% for TD.
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 TD: side by side
| QQQ (Invesco QQQ Trust) | TD (Toronto Dominion Bank (The)) | |
|---|---|---|
| 1-year return | +26.3% | +61.4% |
| 5-year return | +95.4% | +124.4% |
| Volatility (ann.) | 19.6% | 19.1% |
| Beta vs S&P 500 | 1.28 | 0.59 |
| Max drawdown (3Y) | -22.8% | -19.2% |
| Market cap | – | $198.4B |
| P/E (trailing) | – | 19.4 |
| 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 | TD |
|---|---|---|
| 2022 | -32.6% | -12.2% |
| 2023 | +54.9% | +4.6% |
| 2024 | +25.6% | -13.4% |
| 2025 | +20.8% | +83.6% |
| 2026 | +17.7% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TD good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and TD?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.50 over the last year and 0.38 over 5 years.
Is TD a good diversifier for QQQ?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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 · TD correlations
