QQQ vs TOP: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and TOP Financial Group Limited - Class A (TOP) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TOP?
Over the past 3 years, QQQ and TOP moved with a correlation of 0.06, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.02 over 1 year against 0.06 over 3. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is 285.9 %².
By 3-year correlation, TOP places #4145 of the 4755 assets tracked against QQQ. Their recent paths diverged sharply: over the last 12 months TOP outperformed by 1191.6 percentage points (+26.3% for QQQ against +1217.9% for TOP). One caveat on sizing: TOP is 11.7 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 TOP: side by side
| QQQ (Invesco QQQ Trust) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | +26.3% | +1217.9% |
| 5-year return | +95.4% | -9.2% |
| Volatility (ann.) | 19.6% | 230.2% |
| Beta vs S&P 500 | 1.28 | 1.60 |
| Max drawdown (3Y) | -22.8% | -89.6% |
| 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 |
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 | TOP |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | -22.5% |
| 2024 | +25.6% | -59.5% |
| 2025 | +20.8% | -34.3% |
| 2026 | +17.7% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TOP good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and TOP?
As of 2026-08-27, the correlation of weekly returns between QQQ and TOP is 0.06 over 3 years, 0.02 over 1 year and 0.04 over 5 years.
Is TOP a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · TOP correlations
