QQQ vs WEA: Correlation
How closely do Invesco QQQ Trust (QQQ) and Western Asset Bond Fund Share of Beneficial Interest (WEA) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WEA?
Across a 3-year window, the weekly returns of QQQ and WEA correlate at 0.32, moderate. The link has tightened recently: the 1-year correlation (0.46) runs above the 3-year figure (0.32). Stretching to 5 years gives 0.42, with an annualized covariance of 65.0 %².
Among the 4755 assets we track against QQQ, WEA ranks #1352 by 3-year correlation. The last year tells two different stories: QQQ led by 24.1 percentage points, +26.3% for QQQ against +2.2% for WEA. Note the risk asymmetry: QQQ runs 1.9 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 WEA: side by side
| QQQ (Invesco QQQ Trust) | WEA (Western Asset Bond Fund Share of Beneficial Interest) | |
|---|---|---|
| 1-year return | +26.3% | +2.2% |
| 5-year return | +95.4% | +4.5% |
| Volatility (ann.) | 19.6% | 10.5% |
| Beta vs S&P 500 | 1.28 | 0.29 |
| Max drawdown (3Y) | -22.8% | -11.4% |
| Market cap | – | – |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.44% | 4.03% |
| 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 | WEA |
|---|---|---|
| 2022 | -32.6% | -20.2% |
| 2023 | +54.9% | +9.6% |
| 2024 | +25.6% | +7.7% |
| 2025 | +20.8% | +10.6% |
| 2026 | +17.7% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WEA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and WEA?
The QQQ/WEA correlation stands at 0.32 on a 3-year window (1 year: 0.46, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is WEA a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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-wea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-wea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · WEA correlations
