QQQ vs UPLD: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Upland Software, Inc. (UPLD) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UPLD?
Across a 3-year window, the weekly returns of QQQ and UPLD correlate at 0.35, moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.35). Stretching to 5 years gives 0.34, with an annualized covariance of 651.0 %².
By 3-year correlation, UPLD places #1054 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with QQQ ahead by 109.8 points (+26.3% versus -83.5%). One caveat on sizing: UPLD is 4.9 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 UPLD: side by side
| QQQ (Invesco QQQ Trust) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -83.5% |
| 5-year return | +95.4% | -98.8% |
| Volatility (ann.) | 19.6% | 95.6% |
| Beta vs S&P 500 | 1.28 | 2.34 |
| Max drawdown (3Y) | -22.8% | -92.4% |
| Market cap | – | – |
| 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 | UPLD |
|---|---|---|
| 2022 | -32.6% | -60.3% |
| 2023 | +54.9% | -40.7% |
| 2024 | +25.6% | +2.6% |
| 2025 | +20.8% | -67.1% |
| 2026 | +17.7% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UPLD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and UPLD?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.46 over the last year and 0.34 over 5 years.
Is UPLD a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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 · UPLD correlations
