QQQ vs WING: Correlation
How closely do Invesco QQQ Trust (QQQ) and Wingstop Inc. (WING) 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 WING?
On 3 years of weekly data the QQQ/WING correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.32 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 344.2 %².
Within QQQ's tracked universe of 4755 assets, WING comes in at #1353 by 3-year correlation. The last year tells two different stories: QQQ led by 93.6 percentage points, +26.3% for QQQ against -67.3% for WING. One caveat on sizing: WING is 2.8 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 WING: side by side
| QQQ (Invesco QQQ Trust) | WING (Wingstop Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -67.3% |
| 5-year return | +95.4% | -31.4% |
| Volatility (ann.) | 19.6% | 55.1% |
| Beta vs S&P 500 | 1.28 | 1.29 |
| Max drawdown (3Y) | -22.8% | -74.0% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 26.5 |
| Dividend yield | 0.44% | 1.07% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | WING |
|---|---|---|
| 2022 | -32.6% | -17.1% |
| 2023 | +54.9% | +87.3% |
| 2024 | +25.6% | +11.1% |
| 2025 | +20.8% | -15.7% |
| 2026 | +17.7% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WING 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 WING?
As of 2026-08-27, the correlation of weekly returns between QQQ and WING is 0.32 over 3 years, 0.21 over 1 year and 0.42 over 5 years.
Is WING 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?
On the −1 to +1 scale, 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-wing.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-wing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · WING correlations
