QQQ vs ULCC: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Frontier Group Holdings, Inc. (ULCC) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ULCC?
Across a 3-year window, the weekly returns of QQQ and ULCC correlate at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 487.4 %².
Among the 4755 assets we track against QQQ, ULCC ranks #1446 by 3-year correlation. Their 12-month results are close: +26.3% for QQQ against +23.4% for ULCC. Note the risk asymmetry: ULCC runs 4.1 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 ULCC: side by side
| QQQ (Invesco QQQ Trust) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +23.4% |
| 5-year return | +95.4% | -61.9% |
| Volatility (ann.) | 19.6% | 81.0% |
| Beta vs S&P 500 | 1.28 | 2.06 |
| Max drawdown (3Y) | -22.8% | -70.4% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
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 | ULCC |
|---|---|---|
| 2022 | -32.6% | -24.3% |
| 2023 | +54.9% | -46.8% |
| 2024 | +25.6% | +30.2% |
| 2025 | +20.8% | -33.8% |
| 2026 | +17.7% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ULCC good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and ULCC?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.36 over the last year and 0.36 over 5 years.
Is ULCC a good diversifier for QQQ?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-ulcc.json
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[](https://www.pairbook.io/pair/qqq-vs-ulcc/)
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Related comparisons
Hubs: QQQ correlations · ULCC correlations
