QQQ vs ZBRA: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Zebra Technologies (ZBRA) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ZBRA?
On 3 years of weekly data the QQQ/ZBRA correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.46 over 3 years. The 5-year figure is 0.59, and annualized covariance runs at 365.7 %².
Among the 4755 assets we track against QQQ, ZBRA ranks #394 by 3-year correlation. Over the last 12 months QQQ came out ahead by 14.0 percentage points (+26.3% against +12.3%). This link changes with the market regime, having swung between 0.16 and 0.72 on a rolling one-year basis. Note the risk asymmetry: ZBRA runs 2.1 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 ZBRA: side by side
| QQQ (Invesco QQQ Trust) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +26.3% | +12.3% |
| 5-year return | +95.4% | -38.2% |
| Volatility (ann.) | 19.6% | 40.8% |
| Beta vs S&P 500 | 1.28 | 1.54 |
| Max drawdown (3Y) | -22.8% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Information Technology |
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 | ZBRA |
|---|---|---|
| 2022 | -32.6% | -56.9% |
| 2023 | +54.9% | +6.6% |
| 2024 | +25.6% | +41.3% |
| 2025 | +20.8% | -37.1% |
| 2026 | +17.7% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ZBRA good diversifiers for each other?
Reasonably. At 0.46, QQQ and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and ZBRA?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.30 over the last year and 0.59 over 5 years.
Is ZBRA a good diversifier for QQQ?
Reasonably. At 0.46, QQQ and ZBRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-zbra/)
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Related comparisons
Hubs: QQQ correlations · ZBRA correlations
