QQQ vs XENE: Correlation
How closely do Invesco QQQ Trust (QQQ) and Xenon Pharmaceuticals Inc. (XENE) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XENE?
Over the past 3 years, QQQ and XENE moved with a correlation of 0.22, which is weak. The past 12 months show a weaker link (0.10) than the 3-year average (0.22). Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 187.5 %².
By 3-year correlation, XENE places #2617 of the 4755 assets tracked against QQQ. Correlation aside, the last 12 months split them widely, with XENE ahead by 33.0 points (+26.3% versus +59.3%). Note the risk asymmetry: XENE runs 2.2 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 XENE: side by side
| QQQ (Invesco QQQ Trust) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +59.3% |
| 5-year return | +95.4% | +266.2% |
| Volatility (ann.) | 19.6% | 44.0% |
| Beta vs S&P 500 | 1.28 | 0.83 |
| Max drawdown (3Y) | -22.8% | -43.6% |
| Market cap | – | $6.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| 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 | XENE |
|---|---|---|
| 2022 | -32.6% | +26.2% |
| 2023 | +54.9% | +16.8% |
| 2024 | +25.6% | -14.9% |
| 2025 | +20.8% | +14.3% |
| 2026 | +17.7% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XENE good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and XENE?
As of 2026-08-27, the correlation of weekly returns between QQQ and XENE is 0.22 over 3 years, 0.10 over 1 year and 0.15 over 5 years.
Is XENE a good diversifier for QQQ?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 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-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · XENE correlations
