QQQ vs ZION: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ZION?
Across a 3-year window, the weekly returns of QQQ and ZION correlate at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.37). Stretching to 5 years gives 0.36, with an annualized covariance of 259.5 %².
Within QQQ's tracked universe of 4755 assets, ZION comes in at #883 by 3-year correlation. The trailing year gives QQQ the advantage: +26.3% versus +20.7%, a 5.6-point spread. Risk is not evenly split, since ZION carries 1.8 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 ZION: side by side
| QQQ (Invesco QQQ Trust) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +26.3% | +20.7% |
| 5-year return | +95.4% | +41.1% |
| Volatility (ann.) | 19.6% | 35.5% |
| Beta vs S&P 500 | 1.28 | 1.29 |
| Max drawdown (3Y) | -22.8% | -32.4% |
| Market cap | – | $9.9B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 0.44% | 2.63% |
| 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 | ZION |
|---|---|---|
| 2022 | -32.6% | -20.0% |
| 2023 | +54.9% | -6.3% |
| 2024 | +25.6% | +28.2% |
| 2025 | +20.8% | +11.6% |
| 2026 | +17.7% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ZION good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and ZION?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.14 over the last year and 0.36 over 5 years.
Is ZION a good diversifier for QQQ?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · ZION correlations
