QQQ vs TRGP: Correlation
How closely do Invesco QQQ Trust (QQQ) and Targa Resources (TRGP) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TRGP?
On 3 years of weekly data the QQQ/TRGP correlation comes out at 0.09, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.42) than the 3-year average (0.09). The 5-year figure is 0.17, and annualized covariance runs at 55.4 %².
Within QQQ's tracked universe of 4755 assets, TRGP comes in at #3933 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRGP ahead by 52.4 points (+26.3% versus +78.7%). This link changes with the market regime, having swung between -0.41 and 0.46 on a rolling one-year basis. One caveat on sizing: TRGP is 1.6 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 TRGP: side by side
| QQQ (Invesco QQQ Trust) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +26.3% | +78.7% |
| 5-year return | +95.4% | +626.8% |
| Volatility (ann.) | 19.6% | 31.5% |
| Beta vs S&P 500 | 1.28 | 0.44 |
| Max drawdown (3Y) | -22.8% | -31.6% |
| Market cap | – | $62.0B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 0.44% | 1.53% |
| 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 | TRGP |
|---|---|---|
| 2022 | -32.6% | +43.7% |
| 2023 | +54.9% | +21.0% |
| 2024 | +25.6% | +110.1% |
| 2025 | +20.8% | +5.7% |
| 2026 | +17.7% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TRGP good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and TRGP?
The QQQ/TRGP correlation stands at 0.09 on a 3-year window (1 year: -0.42, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is TRGP a good diversifier for QQQ?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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 · TRGP correlations
