QQQ vs TH: Correlation
How closely do Invesco QQQ Trust (QQQ) and Target Hospitality Corp. (TH) 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 TH?
Over the past 3 years, QQQ and TH moved with a correlation of 0.12, which is weak. The link has tightened recently: the 1-year correlation (0.29) runs above the 3-year figure (0.12). Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 148.0 %².
By 3-year correlation, TH places #3700 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with TH ahead by 87.2 points (+26.3% versus +113.5%). Risk is not evenly split, since TH carries 3.2 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 TH: side by side
| QQQ (Invesco QQQ Trust) | TH (Target Hospitality Corp.) | |
|---|---|---|
| 1-year return | +26.3% | +113.5% |
| 5-year return | +95.4% | +383.7% |
| Volatility (ann.) | 19.6% | 63.3% |
| Beta vs S&P 500 | 1.28 | 0.47 |
| Max drawdown (3Y) | -22.8% | -69.1% |
| Market cap | – | $1.9B |
| 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 |
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 | TH |
|---|---|---|
| 2022 | -32.6% | +325.3% |
| 2023 | +54.9% | -35.7% |
| 2024 | +25.6% | -0.7% |
| 2025 | +20.8% | -17.1% |
| 2026 | +17.7% | +136.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TH 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 TH?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.29 over the last year and 0.06 over 5 years.
Is TH 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?
On the −1 to +1 scale, 0.12 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-th.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-th/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · TH correlations
