QQQ vs XLO: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Xilio Therapeutics, Inc. (XLO) carry a correlation of -0.02, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XLO?
On 3 years of weekly data the QQQ/XLO correlation comes out at -0.02, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.07 lands near the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at -38.7 %².
Among the 4755 assets we track against QQQ, XLO ranks #4567 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 32.3 percentage points (+26.3% for QQQ against -6.0% for XLO). One caveat on sizing: XLO is 4.9 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 XLO: side by side
| QQQ (Invesco QQQ Trust) | XLO (Xilio Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -6.0% |
| 5-year return | +95.4% | -96.0% |
| Volatility (ann.) | 19.6% | 96.4% |
| Beta vs S&P 500 | 1.28 | -0.07 |
| Max drawdown (3Y) | -22.8% | -82.8% |
| Market cap | – | $0.1B |
| 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 |
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 | XLO |
|---|---|---|
| 2022 | -32.6% | -83.2% |
| 2023 | +54.9% | -79.6% |
| 2024 | +25.6% | +73.6% |
| 2025 | +20.8% | -33.0% |
| 2026 | +17.7% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XLO good diversifiers for each other?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and XLO?
The QQQ/XLO correlation stands at -0.02 on a 3-year window (1 year: 0.07, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is XLO a good diversifier for QQQ?
Yes: at -0.02, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.02 mean?
A reading of -0.02 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QQQ correlations · XLO correlations
