QQQ vs XPO: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and XPO, Inc. (XPO) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XPO?
Across a 3-year window, the weekly returns of QQQ and XPO correlate at 0.38, moderate. The past 12 months show a weaker link (0.04) than the 3-year average (0.38). Stretching to 5 years gives 0.43, with an annualized covariance of 366.6 %².
Within QQQ's tracked universe of 4755 assets, XPO comes in at #805 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XPO ahead by 18.7 points (+26.3% versus +45.0%). One caveat on sizing: XPO is 2.5 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 XPO: side by side
| QQQ (Invesco QQQ Trust) | XPO (XPO, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +45.0% |
| 5-year return | +95.4% | +267.0% |
| Volatility (ann.) | 19.6% | 48.7% |
| Beta vs S&P 500 | 1.28 | 1.58 |
| Max drawdown (3Y) | -22.8% | -42.2% |
| Market cap | – | $22.4B |
| P/E (trailing) | – | 56.9 |
| 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 | XPO |
|---|---|---|
| 2022 | -32.6% | -27.6% |
| 2023 | +54.9% | +163.1% |
| 2024 | +25.6% | +49.7% |
| 2025 | +20.8% | +3.6% |
| 2026 | +17.7% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XPO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and XPO?
The QQQ/XPO correlation stands at 0.38 on a 3-year window (1 year: 0.04, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is XPO a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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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Hubs: QQQ correlations · XPO correlations
