QQQ vs XRAY: Correlation
Invesco QQQ Trust (QQQ) and DENTSPLY SIRONA Inc. (XRAY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XRAY?
On 3 years of weekly data the QQQ/XRAY correlation comes out at 0.11, weak. Recent behaviour matches the longer record: 0.10 over 1 year against 0.11 over 3. The 5-year figure is 0.31, and annualized covariance runs at 85.3 %².
By 3-year correlation, XRAY places #3794 of the 4755 assets tracked against QQQ. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 47.1 percentage points (+26.3% for QQQ against -20.8% for XRAY). One caveat on sizing: XRAY is 2.0 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 XRAY: side by side
| QQQ (Invesco QQQ Trust) | XRAY (DENTSPLY SIRONA Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -20.8% |
| 5-year return | +95.4% | -80.0% |
| Volatility (ann.) | 19.6% | 39.4% |
| Beta vs S&P 500 | 1.28 | 0.54 |
| Max drawdown (3Y) | -22.8% | -72.3% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 2.93% |
| 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 | XRAY |
|---|---|---|
| 2022 | -32.6% | -42.1% |
| 2023 | +54.9% | +13.5% |
| 2024 | +25.6% | -45.3% |
| 2025 | +20.8% | -36.8% |
| 2026 | +17.7% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XRAY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and XRAY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.10 over the last year and 0.31 over 5 years.
Is XRAY a good diversifier for QQQ?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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-xray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-xray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · XRAY correlations
