QQQ vs XAIR: Correlation
Invesco QQQ Trust (QQQ) and Beyond Air, Inc. (XAIR) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XAIR?
Across a 3-year window, the weekly returns of QQQ and XAIR correlate at 0.05, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.01) sits close to the 3-year figure. Stretching to 5 years gives 0.11, with an annualized covariance of 104.0 %².
By 3-year correlation, XAIR places #4229 of the 4755 assets tracked against QQQ. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 113.8 percentage points (+26.3% for QQQ against -87.5% for XAIR). One caveat on sizing: XAIR is 5.4 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 XAIR: side by side
| QQQ (Invesco QQQ Trust) | XAIR (Beyond Air, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -87.5% |
| 5-year return | +95.4% | -99.9% |
| Volatility (ann.) | 19.6% | 106.7% |
| Beta vs S&P 500 | 1.28 | 0.35 |
| Max drawdown (3Y) | -22.8% | -99.6% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
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 | XAIR |
|---|---|---|
| 2022 | -32.6% | -31.2% |
| 2023 | +54.9% | -69.8% |
| 2024 | +25.6% | -81.7% |
| 2025 | +20.8% | -89.9% |
| 2026 | +17.7% | -60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XAIR good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and XAIR?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with -0.01 over the last year and 0.11 over 5 years.
Is XAIR a good diversifier for QQQ?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 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-xair.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-xair/)
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Related comparisons
Hubs: QQQ correlations · XAIR correlations
