QQQ vs WM: Correlation
How closely do Invesco QQQ Trust (QQQ) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of -0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and WM?
On 3 years of weekly data the QQQ/WM correlation comes out at -0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.04 over 3 years. The 5-year figure is 0.18, and annualized covariance runs at -13.6 %².
Among the 4755 assets we track against QQQ, WM ranks #4615 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 28.3 points (+26.3% versus -2.0%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.37 to 0.32.
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 WM: side by side
| QQQ (Invesco QQQ Trust) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +26.3% | -2.0% |
| 5-year return | +95.4% | +51.8% |
| Volatility (ann.) | 19.6% | 18.3% |
| Beta vs S&P 500 | 1.28 | 0.07 |
| Max drawdown (3Y) | -22.8% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.44% | 1.60% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Industrials |
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 | WM |
|---|---|---|
| 2022 | -32.6% | -4.5% |
| 2023 | +54.9% | +16.2% |
| 2024 | +25.6% | +14.3% |
| 2025 | +20.8% | +10.5% |
| 2026 | +17.7% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and WM good diversifiers for each other?
Yes: at -0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and WM?
As of 2026-08-27, the correlation of weekly returns between QQQ and WM is -0.04 over 3 years, -0.37 over 1 year and 0.18 over 5 years.
Is WM a good diversifier for QQQ?
Yes: at -0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.04 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.
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Related comparisons
Hubs: QQQ correlations · WM correlations
