QQQ vs UP: Correlation
How closely do Invesco QQQ Trust (QQQ) and Wheels Up Experience Inc. (UP) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UP?
On 3 years of weekly data the QQQ/UP correlation comes out at 0.15, weak. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. The 5-year figure is 0.21, and annualized covariance runs at 410.0 %².
By 3-year correlation, UP places #3403 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 117.8 percentage points, +26.3% for QQQ against -91.5% for UP. Note the risk asymmetry: UP runs 7.3 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 UP: side by side
| QQQ (Invesco QQQ Trust) | UP (Wheels Up Experience Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -91.5% |
| 5-year return | +95.4% | -99.6% |
| Volatility (ann.) | 19.6% | 142.6% |
| Beta vs S&P 500 | 1.28 | 1.69 |
| Max drawdown (3Y) | -22.8% | -95.8% |
| Market cap | – | $0.2B |
| 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 | UP |
|---|---|---|
| 2022 | -32.6% | -77.8% |
| 2023 | +54.9% | -66.7% |
| 2024 | +25.6% | -51.9% |
| 2025 | +20.8% | -60.2% |
| 2026 | +17.7% | -62.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UP good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and UP?
The QQQ/UP correlation stands at 0.15 on a 3-year window (1 year: 0.08, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is UP a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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.
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Related comparisons
Hubs: QQQ correlations · UP correlations
