QQQ vs TNON: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Tenon Medical, Inc. (TNON) carry a correlation of 0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TNON?
On 3 years of weekly data the QQQ/TNON correlation comes out at 0.02, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.02 lands near the 3-year figure. The 5-year figure is 0.02, and annualized covariance runs at 1050.5 %².
Among the 4755 assets we track against QQQ, TNON ranks #4402 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TNON outperformed by 256.9 percentage points (+26.3% for QQQ against +283.2% for TNON). One caveat on sizing: TNON is 153.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TNON: side by side
| QQQ (Invesco QQQ Trust) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +283.2% |
| 5-year return | +95.4% | -99.7% |
| Volatility (ann.) | 19.6% | 3014.0% |
| Beta vs S&P 500 | 1.28 | 4.59 |
| Max drawdown (3Y) | -22.8% | -99.5% |
| Market cap | – | – |
| 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 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 | TNON |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | -90.0% |
| 2024 | +25.6% | -85.1% |
| 2025 | +20.8% | -49.4% |
| 2026 | +17.7% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TNON good diversifiers for each other?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and TNON?
Using weekly returns as of 2026-08-27: 0.02 over 3 years, with 0.02 over the last year and 0.02 over 5 years.
Is TNON a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.02 means the two rarely move for the same reasons.
What does a correlation of 0.02 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQ correlations · TNON correlations
