QQQ vs XEL: Correlation
Invesco QQQ Trust (QQQ) and Xcel Energy (XEL) show a near-zero relationship: their 3-year correlation of weekly returns is -0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XEL?
On 3 years of weekly data the QQQ/XEL correlation comes out at -0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.07 over 1 year against -0.06 over 3. The 5-year figure is 0.12, and annualized covariance runs at -25.0 %².
Within QQQ's tracked universe of 4755 assets, XEL comes in at #4669 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 17.1 percentage points (+26.3% for QQQ against +9.2% for XEL). The relationship is regime-dependent: the rolling one-year correlation swung between -0.38 and 0.35 over the past three years, so this pair behaves very differently depending on the market environment.
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 XEL: side by side
| QQQ (Invesco QQQ Trust) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +26.3% | +9.2% |
| 5-year return | +95.4% | +31.1% |
| Volatility (ann.) | 19.6% | 20.7% |
| Beta vs S&P 500 | 1.28 | 0.09 |
| Max drawdown (3Y) | -22.8% | -24.0% |
| Market cap | – | $48.2B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | 0.44% | 2.99% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Utilities |
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 | XEL |
|---|---|---|
| 2022 | -32.6% | +6.4% |
| 2023 | +54.9% | -8.7% |
| 2024 | +25.6% | +12.3% |
| 2025 | +20.8% | +13.9% |
| 2026 | +17.7% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
XEL represents 0.22% of QQQ's portfolio, so part of any move in QQQ is XEL itself, and the correlation between them is partly mechanical.
Are QQQ and XEL good diversifiers for each other?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and XEL?
As of 2026-08-27, the correlation of weekly returns between QQQ and XEL is -0.06 over 3 years, -0.07 over 1 year and 0.12 over 5 years.
Is XEL a good diversifier for QQQ?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.06 mean?
A reading of -0.06 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-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · XEL correlations
