QQQ vs ULS: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and UL Solutions Inc. (ULS) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ULS?
Across a 3-year window, the weekly returns of QQQ and ULS correlate at 0.16, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.16). Stretching to 5 years gives n/a, with an annualized covariance of 118.5 %².
Among the 4755 assets we track against QQQ, ULS ranks #3293 by 3-year correlation. On 12-month performance QQQ holds a 6.0-point edge, +26.3% against +20.3%. One caveat on sizing: ULS is 1.8 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 ULS: side by side
| QQQ (Invesco QQQ Trust) | ULS (UL Solutions Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +20.3% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 35.3% |
| Beta vs S&P 500 | 1.28 | 0.47 |
| Max drawdown (3Y) | -22.8% | -29.4% |
| Market cap | – | $15.3B |
| P/E (trailing) | – | 30.3 |
| Dividend yield | 0.44% | 0.73% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
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 | ULS |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | – |
| 2024 | +25.6% | – |
| 2025 | +20.8% | +59.3% |
| 2026 | +17.7% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ULS good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and ULS?
As of 2026-08-27, the correlation of weekly returns between QQQ and ULS is 0.16 over 3 years, 0.03 over 1 year and n/a over 5 years.
Is ULS a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
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 · ULS correlations
