QQQ vs UPWK: Correlation
How closely do Invesco QQQ Trust (QQQ) and Upwork Inc. (UPWK) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UPWK?
Across a 3-year window, the weekly returns of QQQ and UPWK correlate at 0.33, moderate. The past 12 months show a weaker link (0.05) than the 3-year average (0.33). Stretching to 5 years gives 0.39, with an annualized covariance of 333.8 %².
By 3-year correlation, UPWK places #1240 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 66.0 percentage points, +26.3% for QQQ against -39.7% for UPWK. Note the risk asymmetry: UPWK runs 2.6 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 UPWK: side by side
| QQQ (Invesco QQQ Trust) | UPWK (Upwork Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -39.7% |
| 5-year return | +95.4% | -79.8% |
| Volatility (ann.) | 19.6% | 51.1% |
| Beta vs S&P 500 | 1.28 | 1.34 |
| Max drawdown (3Y) | -22.8% | -64.5% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | UPWK |
|---|---|---|
| 2022 | -32.6% | -69.4% |
| 2023 | +54.9% | +42.4% |
| 2024 | +25.6% | +10.0% |
| 2025 | +20.8% | +21.2% |
| 2026 | +17.7% | -55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UPWK good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and UPWK?
As of 2026-08-27, the correlation of weekly returns between QQQ and UPWK is 0.33 over 3 years, 0.05 over 1 year and 0.39 over 5 years.
Is UPWK a good diversifier for QQQ?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-upwk.json
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Related comparisons
Hubs: QQQ correlations · UPWK correlations
