QQQ vs WAT: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Waters Corporation (WAT) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WAT?
Across a 3-year window, the weekly returns of QQQ and WAT correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 210.6 %².
By 3-year correlation, WAT places #1547 of the 4755 assets tracked against QQQ. Their recent paths diverged sharply: over the last 12 months WAT outperformed by 16.7 percentage points (+26.3% for QQQ against +43.0% for WAT). Across three years, the rolling one-year figure varied moderately, from 0.09 to 0.54. One caveat on sizing: WAT is 1.8 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 WAT: side by side
| QQQ (Invesco QQQ Trust) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +26.3% | +43.0% |
| 5-year return | +95.4% | +2.0% |
| Volatility (ann.) | 19.6% | 35.3% |
| Beta vs S&P 500 | 1.28 | 0.89 |
| Max drawdown (3Y) | -22.8% | -33.4% |
| Market cap | – | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Health Care |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | WAT |
|---|---|---|
| 2022 | -32.6% | -8.1% |
| 2023 | +54.9% | -3.9% |
| 2024 | +25.6% | +12.7% |
| 2025 | +20.8% | +2.4% |
| 2026 | +17.7% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WAT good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and WAT?
As of 2026-08-27, the correlation of weekly returns between QQQ and WAT is 0.30 over 3 years, 0.37 over 1 year and 0.39 over 5 years.
Is WAT a good diversifier for QQQ?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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 · WAT correlations
