QQQ vs WAL: Correlation
Invesco QQQ Trust (QQQ) and Western Alliance Bancorporation (WAL) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WAL?
Over the past 3 years, QQQ and WAL moved with a correlation of 0.41, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.41 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 315.8 %².
Within QQQ's tracked universe of 4755 assets, WAL comes in at #589 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 35.6 percentage points (+26.3% for QQQ against -9.3% for WAL). Note the risk asymmetry: WAL runs 2.0 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 WAL: side by side
| QQQ (Invesco QQQ Trust) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +26.3% | -9.3% |
| 5-year return | +95.4% | -9.7% |
| Volatility (ann.) | 19.6% | 39.5% |
| Beta vs S&P 500 | 1.28 | 1.51 |
| Max drawdown (3Y) | -22.8% | -36.0% |
| Market cap | – | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.44% | 2.06% |
| 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 | WAL |
|---|---|---|
| 2022 | -32.6% | -43.7% |
| 2023 | +54.9% | +14.1% |
| 2024 | +25.6% | +29.7% |
| 2025 | +20.8% | +2.5% |
| 2026 | +17.7% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WAL good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and WAL?
As of 2026-08-27, the correlation of weekly returns between QQQ and WAL is 0.41 over 3 years, 0.26 over 1 year and 0.35 over 5 years.
Is WAL a good diversifier for QQQ?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: QQQ correlations · WAL correlations
