Invesco QQQ Correlations

QQQ
 Etf
  

USD 292.55  1.17  0.40%   

The correlation of Invesco QQQ is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco QQQ moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco QQQ Trust moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Please see Your Equity Center.
  
The ability to find closely correlated positions to Invesco QQQ could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Invesco QQQ when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Invesco QQQ - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Invesco QQQ Trust to buy it.

Moving together with Invesco QQQ

+1.0VUGVanguard Growth IndexPairCorr
+0.99IWFIShares Russell 1000PairCorr
+1.0IVWIShares SP 500PairCorr
+1.0SPYGSPDR Portfolio SPPairCorr
+1.0IUSGIShares Core SPPairCorr
+0.99VONGVanguard Russell 1000PairCorr
+0.99MGKVanguard Mega CapPairCorr
+1.0QQQMInvesco NASDAQ 100PairCorr
+1.0IWYIShares Russell TopPairCorr
+0.99TECLDirexion Daily TechnologyPairCorr
+0.83USDProShares Ultra SemiPairCorr
+0.98ROMProShares Ultra TechPairCorr
+0.99QLDProShares Ultra QQQPairCorr
+0.92SPXLDirexion Daily SP500PairCorr
+0.92UPROProShares UltraPro SP500PairCorr
+0.81SOXXIShares Semiconductor ETFPairCorr
+0.69XSDSPDR SP SemiconductorPairCorr
+0.65PSIInvesco Dynamic SemiPairCorr

Related Correlations

Please specify at least 3 valid symbols having historical data to build a meaningful correlation cloud. You can use symbol search above to locate your securities.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Invesco QQQ without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Efficient Frontier Now

   

Efficient Frontier

Plot and analyze your portfolio and positions against risk-return landscape of the market.
All  Next Launch Module

Invested in Invesco QQQ Trust?

The danger of trading Invesco QQQ Trust is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Invesco QQQ is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Invesco QQQ. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Invesco QQQ Trust is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Please see Your Equity Center. You can also try Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.

Complementary Tools for analysis

When running Invesco QQQ Trust price analysis, check to measure Invesco QQQ's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Invesco QQQ is operating at the current time. Most of Invesco QQQ's value examination focuses on studying past and present price action to predict the probability of Invesco QQQ's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Invesco QQQ's price. Additionally, you may evaluate how the addition of Invesco QQQ to your portfolios can decrease your overall portfolio volatility.
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Go
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Go
Instant Ratings
Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Commodity Channel Index
Use Commodity Channel Index to analyze current equity momentum
Go
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Go
Portfolio Comparator
Compare the composition, asset allocations and performance of any two portfolios in your account
Go
Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Go
Portfolio Suggestion
Get suggestions outside of your existing asset allocation including your own model portfolios
Go
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
Price Transformation
Use Price Transformation models to analyze depth of different equity instruments across global markets
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Money Flow Index
Determine momentum by analyzing Money Flow Index and other technical indicators
Go
The market value of Invesco QQQ Trust is measured differently than its book value, which is the value of Invesco that is recorded on the company's balance sheet. Investors also form their own opinion of Invesco QQQ's value that differs from its market value or its book value, called intrinsic value, which is Invesco QQQ's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Invesco QQQ's market value can be influenced by many factors that don't directly affect Invesco QQQ's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Invesco QQQ's value and its price as these two are different measures arrived at by different means. Investors typically determine Invesco QQQ value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Invesco QQQ's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.