QQQ vs ZS: Correlation
Invesco QQQ Trust (QQQ) and Zscaler, Inc. (ZS) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ZS?
On 3 years of weekly data the QQQ/ZS correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.47). The 5-year figure is 0.57, and annualized covariance runs at 418.8 %².
By 3-year correlation, ZS places #370 of the 4755 assets tracked against QQQ. The last year tells two different stories: QQQ led by 57.7 percentage points, +26.3% for QQQ against -31.4% for ZS. One caveat on sizing: ZS is 2.3 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 ZS: side by side
| QQQ (Invesco QQQ Trust) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -31.4% |
| 5-year return | +95.4% | -32.7% |
| Volatility (ann.) | 19.6% | 45.7% |
| Beta vs S&P 500 | 1.28 | 1.47 |
| Max drawdown (3Y) | -22.8% | -64.9% |
| Market cap | – | $30.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| 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 | ZS |
|---|---|---|
| 2022 | -32.6% | -65.2% |
| 2023 | +54.9% | +98.0% |
| 2024 | +25.6% | -18.6% |
| 2025 | +20.8% | +24.7% |
| 2026 | +17.7% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ZS good diversifiers for each other?
Reasonably. At 0.47, QQQ and ZS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and ZS?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.17 over the last year and 0.57 over 5 years.
Is ZS a good diversifier for QQQ?
Reasonably. At 0.47, QQQ and ZS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qqq-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQ correlations · ZS correlations
