QQQ vs TLT: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TLT?
On 3 years of weekly data the QQQ/TLT correlation comes out at 0.08, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.21 versus 0.08 over 3 years. The 5-year figure is 0.13, and annualized covariance runs at 22.0 %².
By 3-year correlation, TLT places #4011 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with QQQ ahead by 26.0 points (+26.3% versus +0.3%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.33 to 0.48.
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 TLT: side by side
| QQQ (Invesco QQQ Trust) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +26.3% | +0.3% |
| 5-year return | +95.4% | -34.0% |
| Volatility (ann.) | 19.6% | 13.5% |
| Beta vs S&P 500 | 1.28 | 0.11 |
| Max drawdown (3Y) | -22.8% | -14.8% |
| Dividend yield | 0.44% | 4.75% |
| Expense ratio | 0.18% | 0.15% |
| Assets under management | $452.8B | $41.5B |
| Sector / category | ETF · US Growth & Tech | ETF · Bonds |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield. On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | QQQ | TLT |
|---|---|---|
| 2022 | -32.6% | -31.2% |
| 2023 | +54.9% | +2.8% |
| 2024 | +25.6% | -8.1% |
| 2025 | +20.8% | +4.2% |
| 2026 | +17.7% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TLT good diversifiers for each other?
Yes. With a correlation of 0.08, QQQ and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and TLT?
The QQQ/TLT correlation stands at 0.08 on a 3-year window (1 year: 0.21, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is TLT a good diversifier for QQQ?
Yes. With a correlation of 0.08, QQQ and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · TLT correlations
