QQQ vs Z: Correlation
How closely do Invesco QQQ Trust (QQQ) and Zillow Group, Inc. - Class C Capital Stock (Z) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and Z?
On 3 years of weekly data the QQQ/Z correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.26) sits close to the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 309.5 %².
Within QQQ's tracked universe of 4755 assets, Z comes in at #1158 by 3-year correlation. The last year tells two different stories: QQQ led by 84.2 percentage points, +26.3% for QQQ against -57.9% for Z. One caveat on sizing: Z is 2.4 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 Z: side by side
| QQQ (Invesco QQQ Trust) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | +26.3% | -57.9% |
| 5-year return | +95.4% | -63.1% |
| Volatility (ann.) | 19.6% | 46.2% |
| Beta vs S&P 500 | 1.28 | 1.30 |
| Max drawdown (3Y) | -22.8% | -67.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 154.0 |
| 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 | Z |
|---|---|---|
| 2022 | -32.6% | -49.6% |
| 2023 | +54.9% | +79.6% |
| 2024 | +25.6% | +28.0% |
| 2025 | +20.8% | -7.9% |
| 2026 | +17.7% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and Z good diversifiers for each other?
Reasonably. At 0.34, QQQ and Z keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and Z?
The QQQ/Z correlation stands at 0.34 on a 3-year window (1 year: 0.26, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is Z a good diversifier for QQQ?
Reasonably. At 0.34, QQQ and Z keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-z.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-z/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · Z correlations
