QQQ vs USB: Correlation
How closely do Invesco QQQ Trust (QQQ) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and USB?
Across a 3-year window, the weekly returns of QQQ and USB correlate at 0.42, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.42). Stretching to 5 years gives 0.40, with an annualized covariance of 222.0 %².
Among the 4755 assets we track against QQQ, USB ranks #534 by 3-year correlation. The trailing year gives USB the advantage: +26.3% versus +33.1%, a 6.8-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment.
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 USB: side by side
| QQQ (Invesco QQQ Trust) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +26.3% | +33.1% |
| 5-year return | +95.4% | +36.0% |
| Volatility (ann.) | 19.6% | 27.3% |
| Beta vs S&P 500 | 1.28 | 1.09 |
| Max drawdown (3Y) | -22.8% | -30.6% |
| Market cap | – | $97.2B |
| P/E (trailing) | – | 12.5 |
| Dividend yield | 0.44% | 3.31% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Financials |
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 | USB |
|---|---|---|
| 2022 | -32.6% | -19.1% |
| 2023 | +54.9% | +4.8% |
| 2024 | +25.6% | +15.6% |
| 2025 | +20.8% | +16.5% |
| 2026 | +17.7% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and USB good diversifiers for each other?
Reasonably. At 0.42, QQQ and USB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and USB?
The QQQ/USB correlation stands at 0.42 on a 3-year window (1 year: 0.19, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is USB a good diversifier for QQQ?
Reasonably. At 0.42, QQQ and USB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · USB correlations
