QQQ vs ZWS: Correlation
How closely do Invesco QQQ Trust (QQQ) and Zurn Elkay Water Solutions Corporation (ZWS) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and ZWS?
Over the past 3 years, QQQ and ZWS moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 208.1 %².
Within QQQ's tracked universe of 4755 assets, ZWS comes in at #806 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 21.0 points (+26.3% versus +5.3%).
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 ZWS: side by side
| QQQ (Invesco QQQ Trust) | ZWS (Zurn Elkay Water Solutions Corporation) | |
|---|---|---|
| 1-year return | +26.3% | +5.3% |
| 5-year return | +95.4% | +71.6% |
| Volatility (ann.) | 19.6% | 27.7% |
| Beta vs S&P 500 | 1.28 | 0.89 |
| Max drawdown (3Y) | -22.8% | -30.2% |
| Market cap | – | $8.1B |
| P/E (trailing) | – | 30.5 |
| Dividend yield | 0.44% | 0.85% |
| 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 | ZWS |
|---|---|---|
| 2022 | -32.6% | -41.5% |
| 2023 | +54.9% | +40.6% |
| 2024 | +25.6% | +28.1% |
| 2025 | +20.8% | +25.8% |
| 2026 | +17.7% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and ZWS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and ZWS?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.13 over the last year and 0.46 over 5 years.
Is ZWS a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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-zws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-zws/)
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Related comparisons
Hubs: QQQ correlations · ZWS correlations
