QQQ vs XMAX: Correlation
How closely do Invesco QQQ Trust (QQQ) and XMAX, Inc. (XMAX) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XMAX?
Across a 3-year window, the weekly returns of QQQ and XMAX correlate at 0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.05 over 1 year against 0.06 over 3. Stretching to 5 years gives 0.10, with an annualized covariance of 193.5 %².
Within QQQ's tracked universe of 4755 assets, XMAX comes in at #4153 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XMAX ahead by 337.8 points (+26.3% versus +364.1%). Note the risk asymmetry: XMAX runs 8.2 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 XMAX: side by side
| QQQ (Invesco QQQ Trust) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +364.1% |
| 5-year return | +95.4% | -21.0% |
| Volatility (ann.) | 19.6% | 161.3% |
| Beta vs S&P 500 | 1.28 | 0.59 |
| Max drawdown (3Y) | -22.8% | -91.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 18.5 |
| 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 | XMAX |
|---|---|---|
| 2022 | -32.6% | -77.0% |
| 2023 | +54.9% | +75.3% |
| 2024 | +25.6% | -82.2% |
| 2025 | +20.8% | +795.5% |
| 2026 | +17.7% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XMAX good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and XMAX?
The QQQ/XMAX correlation stands at 0.06 on a 3-year window (1 year: 0.05, 5 years: 0.10), computed from weekly returns as of 2026-08-27.
Is XMAX a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-xmax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-xmax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · XMAX correlations
