QQQ vs TPL: Correlation
How closely do Invesco QQQ Trust (QQQ) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TPL?
Over the past 3 years, QQQ and TPL moved with a correlation of 0.10, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus 0.10 over 3 years. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 96.0 %².
Within QQQ's tracked universe of 4755 assets, TPL comes in at #3865 by 3-year correlation. Neither side won the trailing year by much: +26.3% against +22.8%. This link changes with the market regime, having swung between -0.31 and 0.42 on a rolling one-year basis. Note the risk asymmetry: TPL runs 2.6 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 TPL: side by side
| QQQ (Invesco QQQ Trust) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +26.3% | +22.8% |
| 5-year return | +95.4% | +149.6% |
| Volatility (ann.) | 19.6% | 50.0% |
| Beta vs S&P 500 | 1.28 | 0.62 |
| Max drawdown (3Y) | -22.8% | -52.2% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 0.44% | 0.61% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Energy |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | TPL |
|---|---|---|
| 2022 | -32.6% | +91.3% |
| 2023 | +54.9% | -32.4% |
| 2024 | +25.6% | +115.3% |
| 2025 | +20.8% | -21.6% |
| 2026 | +17.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TPL good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and TPL?
The QQQ/TPL correlation stands at 0.10 on a 3-year window (1 year: -0.32, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is TPL a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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.
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Related comparisons
Hubs: QQQ correlations · TPL correlations
