QQQ vs UHS: Correlation
Invesco QQQ Trust (QQQ) and Universal Health Services (UHS) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UHS?
Across a 3-year window, the weekly returns of QQQ and UHS correlate at 0.17, weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.17). Stretching to 5 years gives 0.26, with an annualized covariance of 101.9 %².
Within QQQ's tracked universe of 4755 assets, UHS comes in at #3208 by 3-year correlation. The last year tells two different stories: QQQ led by 31.3 percentage points, +26.3% for QQQ against -5.0% for UHS. This link changes with the market regime, having swung between -0.04 and 0.53 on a rolling one-year basis. Note the risk asymmetry: UHS runs 1.6 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 UHS: side by side
| QQQ (Invesco QQQ Trust) | UHS (Universal Health Services) | |
|---|---|---|
| 1-year return | +26.3% | -5.0% |
| 5-year return | +95.4% | +13.5% |
| Volatility (ann.) | 19.6% | 31.1% |
| Beta vs S&P 500 | 1.28 | 0.60 |
| Max drawdown (3Y) | -22.8% | -42.0% |
| Market cap | – | $10.2B |
| P/E (trailing) | – | 7.3 |
| Dividend yield | 0.44% | 0.45% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Health Care |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | UHS |
|---|---|---|
| 2022 | -32.6% | +9.4% |
| 2023 | +54.9% | +8.8% |
| 2024 | +25.6% | +18.2% |
| 2025 | +20.8% | +22.0% |
| 2026 | +17.7% | -20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UHS good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and UHS?
The QQQ/UHS correlation stands at 0.17 on a 3-year window (1 year: -0.02, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is UHS a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 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
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Related comparisons
Hubs: QQQ correlations · UHS correlations
