QQQ vs TOST: Correlation
How closely do Invesco QQQ Trust (QQQ) and Toast, Inc. (TOST) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TOST?
On 3 years of weekly data the QQQ/TOST correlation comes out at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.33 over 3 years. The 5-year figure is 0.46, and annualized covariance runs at 302.8 %².
By 3-year correlation, TOST places #1236 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 46.1 percentage points, +26.3% for QQQ against -19.8% for TOST. Note the risk asymmetry: TOST runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TOST: side by side
| QQQ (Invesco QQQ Trust) | TOST (Toast, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -19.8% |
| 5-year return | +95.4% | -43.7% |
| Volatility (ann.) | 19.6% | 47.1% |
| Beta vs S&P 500 | 1.28 | 1.36 |
| Max drawdown (3Y) | -22.8% | -54.7% |
| Market cap | – | $20.3B |
| P/E (trailing) | – | 46.9 |
| 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 | TOST |
|---|---|---|
| 2022 | -32.6% | -48.1% |
| 2023 | +54.9% | +1.3% |
| 2024 | +25.6% | +99.6% |
| 2025 | +20.8% | -2.6% |
| 2026 | +17.7% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TOST good diversifiers for each other?
Reasonably. At 0.33, QQQ and TOST keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and TOST?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.21 over the last year and 0.46 over 5 years.
Is TOST a good diversifier for QQQ?
Reasonably. At 0.33, QQQ and TOST keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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-tost.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-tost/)
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Related comparisons
Hubs: QQQ correlations · TOST correlations
