QQQ vs XRX: Correlation
Invesco QQQ Trust (QQQ) and Xerox Holdings Corporation (XRX) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and XRX?
Over the past 3 years, QQQ and XRX moved with a correlation of 0.35, which is moderate. Recent behaviour matches the longer record: 0.28 over 1 year against 0.35 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 531.7 %².
Within QQQ's tracked universe of 4755 assets, XRX comes in at #1058 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 46.3 percentage points (+26.3% for QQQ against -20.0% for XRX). Risk is not evenly split, since XRX carries 3.9 times the volatility of the other side.
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 XRX: side by side
| QQQ (Invesco QQQ Trust) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | +26.3% | -20.0% |
| 5-year return | +95.4% | -81.9% |
| Volatility (ann.) | 19.6% | 77.4% |
| Beta vs S&P 500 | 1.28 | 2.12 |
| Max drawdown (3Y) | -22.8% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 3.36% |
| 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 | XRX |
|---|---|---|
| 2022 | -32.6% | -31.3% |
| 2023 | +54.9% | +33.8% |
| 2024 | +25.6% | -49.8% |
| 2025 | +20.8% | -70.6% |
| 2026 | +17.7% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and XRX good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and XRX?
The QQQ/XRX correlation stands at 0.35 on a 3-year window (1 year: 0.28, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is XRX a good diversifier for QQQ?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: QQQ correlations · XRX correlations
