QQQ vs TW: Correlation
Invesco QQQ Trust (QQQ) and Tradeweb Markets Inc. (TW) 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 TW?
Over the past 3 years, QQQ and TW moved with a correlation of 0.16, which is weak. The link has loosened recently: the 1-year correlation (-0.06) runs below the 3-year figure (0.16). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 71.4 %².
Among the 4755 assets we track against QQQ, TW ranks #3292 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 40.2 percentage points (+26.3% for QQQ against -13.9% for TW).
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 TW: side by side
| QQQ (Invesco QQQ Trust) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -13.9% |
| 5-year return | +95.4% | +24.2% |
| Volatility (ann.) | 19.6% | 23.1% |
| Beta vs S&P 500 | 1.28 | 0.39 |
| Max drawdown (3Y) | -22.8% | -38.3% |
| Market cap | – | $23.4B |
| P/E (trailing) | – | 25.6 |
| Dividend yield | 0.44% | 0.48% |
| 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 | TW |
|---|---|---|
| 2022 | -32.6% | -34.9% |
| 2023 | +54.9% | +40.6% |
| 2024 | +25.6% | +44.6% |
| 2025 | +20.8% | -17.5% |
| 2026 | +17.7% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TW good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and TW?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with -0.06 over the last year and 0.38 over 5 years.
Is TW a good diversifier for QQQ?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
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.
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Related comparisons
Hubs: QQQ correlations · TW correlations
