QQQ vs XNCR: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Xencor, Inc. (XNCR) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XNCR?
Over the past 3 years, QQQ and XNCR moved with a correlation of 0.26, which is weak. The past 12 months show a weaker link (0.01) than the 3-year average (0.26). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 311.9 %².
Among the 4755 assets we track against QQQ, XNCR ranks #2058 by 3-year correlation. The last year tells two different stories: XNCR led by 233.8 percentage points, +26.3% for QQQ against +260.1% for XNCR. Note the risk asymmetry: XNCR runs 3.1 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 XNCR: side by side
| QQQ (Invesco QQQ Trust) | XNCR (Xencor, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +260.1% |
| 5-year return | +95.4% | -14.8% |
| Volatility (ann.) | 19.6% | 60.9% |
| Beta vs S&P 500 | 1.28 | 1.37 |
| Max drawdown (3Y) | -22.8% | -73.9% |
| Market cap | – | $2.1B |
| 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 |
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 | XNCR |
|---|---|---|
| 2022 | -32.6% | -35.1% |
| 2023 | +54.9% | -18.5% |
| 2024 | +25.6% | +8.2% |
| 2025 | +20.8% | -33.4% |
| 2026 | +17.7% | +88.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XNCR good diversifiers for each other?
Reasonably. At 0.26, QQQ and XNCR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and XNCR?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.01 over the last year and 0.30 over 5 years.
Is XNCR a good diversifier for QQQ?
Reasonably. At 0.26, QQQ and XNCR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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.
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Related comparisons
Hubs: QQQ correlations · XNCR correlations
