QQQ vs TOPS: Correlation
Invesco QQQ Trust (QQQ) and TOP Ships, Inc. (TOPS) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TOPS?
Over the past 3 years, QQQ and TOPS moved with a correlation of 0.16, which is weak. Recent behaviour matches the longer record: 0.15 over 1 year against 0.16 over 3. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 239.1 %².
Within QQQ's tracked universe of 4755 assets, TOPS comes in at #3291 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 112.2 points (+26.3% versus -85.9%). One caveat on sizing: TOPS is 4.0 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 TOPS: side by side
| QQQ (Invesco QQQ Trust) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -85.9% |
| 5-year return | +95.4% | -99.7% |
| Volatility (ann.) | 19.6% | 78.4% |
| Beta vs S&P 500 | 1.28 | 1.09 |
| Max drawdown (3Y) | -22.8% | -96.5% |
| Market cap | – | – |
| P/E (trailing) | – | 1.2 |
| 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 | TOPS |
|---|---|---|
| 2022 | -32.6% | -92.4% |
| 2023 | +54.9% | +2.5% |
| 2024 | +25.6% | -61.4% |
| 2025 | +20.8% | -25.2% |
| 2026 | +17.7% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TOPS good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and TOPS?
The QQQ/TOPS correlation stands at 0.16 on a 3-year window (1 year: 0.15, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is TOPS a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · TOPS correlations
