QQQ vs WDAY: Correlation
How closely do Invesco QQQ Trust (QQQ) and Workday, Inc. (WDAY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WDAY?
On 3 years of weekly data the QQQ/WDAY correlation comes out at 0.34, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.34). The 5-year figure is 0.51, and annualized covariance runs at 269.1 %².
Among the 4755 assets we track against QQQ, WDAY ranks #1156 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 42.0 points (+26.3% versus -15.7%). This link changes with the market regime, having swung between 0.18 and 0.77 on a rolling one-year basis. Note the risk asymmetry: WDAY 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 WDAY: side by side
| QQQ (Invesco QQQ Trust) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -15.7% |
| 5-year return | +95.4% | -28.7% |
| Volatility (ann.) | 19.6% | 40.0% |
| Beta vs S&P 500 | 1.28 | 1.09 |
| Max drawdown (3Y) | -22.8% | -63.4% |
| Market cap | – | $47.8B |
| P/E (trailing) | – | 59.6 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Information Technology |
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 | WDAY |
|---|---|---|
| 2022 | -32.6% | -38.7% |
| 2023 | +54.9% | +65.0% |
| 2024 | +25.6% | -6.5% |
| 2025 | +20.8% | -16.8% |
| 2026 | +17.7% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.17% of QQQ is WDAY itself, so the fund partly moves with the stock by construction.
Are QQQ and WDAY good diversifiers for each other?
Reasonably. At 0.34, QQQ and WDAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and WDAY?
As of 2026-08-27, the correlation of weekly returns between QQQ and WDAY is 0.34 over 3 years, 0.17 over 1 year and 0.51 over 5 years.
Is WDAY a good diversifier for QQQ?
Reasonably. At 0.34, QQQ and WDAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · WDAY correlations
