QQQ vs WALD: Correlation
How closely do Invesco QQQ Trust (QQQ) and Waldencast plc - Class A (WALD) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WALD?
Over the past 3 years, QQQ and WALD moved with a correlation of 0.07, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.05) sits close to the 3-year figure. Over 5 years the correlation is 0.05, and the annualized covariance of weekly returns is 132.2 %².
Among the 4755 assets we track against QQQ, WALD ranks #4081 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 42.3 percentage points (+26.3% for QQQ against -16.0% for WALD). Risk is not evenly split, since WALD carries 4.8 times the volatility of the other side.
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 WALD: side by side
| QQQ (Invesco QQQ Trust) | WALD (Waldencast plc - Class A) | |
|---|---|---|
| 1-year return | +26.3% | -16.0% |
| 5-year return | +95.4% | -86.1% |
| Volatility (ann.) | 19.6% | 95.0% |
| Beta vs S&P 500 | 1.28 | 0.48 |
| Max drawdown (3Y) | -22.8% | -93.4% |
| 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 |
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 | WALD |
|---|---|---|
| 2022 | -32.6% | -8.8% |
| 2023 | +54.9% | +20.6% |
| 2024 | +25.6% | -63.3% |
| 2025 | +20.8% | -53.2% |
| 2026 | +17.7% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WALD good diversifiers for each other?
Yes. With a correlation of 0.07, QQQ and WALD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QQQ and WALD?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.05 over the last year and 0.05 over 5 years.
Is WALD a good diversifier for QQQ?
Yes. With a correlation of 0.07, QQQ and WALD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 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-wald.json
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[](https://www.pairbook.io/pair/qqq-vs-wald/)
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Related comparisons
Hubs: QQQ correlations · WALD correlations
