QQQ vs UNP: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Union Pacific Corporation (UNP) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UNP?
Across a 3-year window, the weekly returns of QQQ and UNP correlate at 0.23, weak. The past 12 months show a weaker link (-0.18) than the 3-year average (0.23). Stretching to 5 years gives 0.36, with an annualized covariance of 91.8 %².
Within QQQ's tracked universe of 4755 assets, UNP comes in at #2452 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UNP ahead by 16.1 points (+26.3% versus +42.4%). This link changes with the market regime, having swung between -0.16 and 0.55 on a rolling one-year basis.
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 UNP: side by side
| QQQ (Invesco QQQ Trust) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +26.3% | +42.4% |
| 5-year return | +95.4% | +56.5% |
| Volatility (ann.) | 19.6% | 20.6% |
| Beta vs S&P 500 | 1.28 | 0.56 |
| Max drawdown (3Y) | -22.8% | -17.8% |
| Market cap | – | $182.8B |
| P/E (trailing) | – | 25.1 |
| Dividend yield | 0.44% | 1.78% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Industrials |
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 | UNP |
|---|---|---|
| 2022 | -32.6% | -15.9% |
| 2023 | +54.9% | +21.6% |
| 2024 | +25.6% | -5.1% |
| 2025 | +20.8% | +3.9% |
| 2026 | +17.7% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UNP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and UNP?
As of 2026-08-27, the correlation of weekly returns between QQQ and UNP is 0.23 over 3 years, -0.18 over 1 year and 0.36 over 5 years.
Is UNP a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · UNP correlations
