Apple (AAPL) vs Nasdaq 100 (QQQ)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
Apple is one of the largest components of QQQ, so the ratio strips out market-cap weighting and shows pure Apple outperformance. When AAPL leads QQQ, hardware and services are leading versus software and semis. When QQQ leads AAPL, AI, cloud, and semiconductor names are taking share of investor attention.
Cross-Asset Analysis
To orient the reader: Apple (AAPL) represents apple Inc., the world's most valuable company by market cap and Nasdaq 100 ETF (QQQ) represents invesco QQQ tracking the Nasdaq 100, tech-heavy growth index, which is why this comparison sits in the cross asset pair category on Convex. Implied volatility regimes in Apple (AAPL) and Nasdaq 100 ETF (QQQ) transmit through hedging flows that link one venue to the other via dealer balance sheets. Idiosyncratic shocks in either Apple (AAPL) or Nasdaq 100 ETF (QQQ) produce spread moves unrelated to the shared macro story.
Regime identification based on Apple (AAPL)-Nasdaq 100 ETF (QQQ) can be circular, because extreme spread values often resolve via mean reversion or regime change. Apple (AAPL) and Nasdaq 100 ETF (QQQ) sit in different asset classes, and the interaction between them captures cross-asset macro dynamics that neither alone can convey. Leverage embedded in the paired markets behind Apple (AAPL) and Nasdaq 100 ETF (QQQ) transmits the same shock at different magnitudes.
Apple (AAPL) belongs to the Equity Stock space, whereas Nasdaq 100 ETF (QQQ) belongs to Equity Index, and the interaction between those two worlds is where the interesting macro information lives. Risk-off regimes compress correlations and push the Apple (AAPL)-Nasdaq 100 ETF (QQQ) spread into tighter ranges.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between Apple (AAPL) and Nasdaq 100 ETF (QQQ)?+
Apple (AAPL) and Nasdaq 100 ETF (QQQ) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between Apple (AAPL) and Nasdaq 100 ETF (QQQ) captures the specific macro signal that flows through this relationship.
When does Apple (AAPL) typically lead Nasdaq 100 ETF (QQQ)?+
Apple (AAPL) tends to lead Nasdaq 100 ETF (QQQ) during macro regime changes, where the more liquid asset moves first. In those periods, moves in Apple (AAPL) precede corresponding moves in Nasdaq 100 ETF (QQQ) by days to weeks, depending on the transmission channel and the depth of each market.
How are Apple (AAPL) and Nasdaq 100 ETF (QQQ) historically correlated?+
Long-run correlation between Apple (AAPL) and Nasdaq 100 ETF (QQQ) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Apple (AAPL)-Nasdaq 100 ETF (QQQ) relationship.
What macro conditions drive divergence between Apple (AAPL) and Nasdaq 100 ETF (QQQ)?+
Divergence between Apple (AAPL) and Nasdaq 100 ETF (QQQ) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Apple (AAPL) or Nasdaq 100 ETF (QQQ).
Is Apple (AAPL) a hedge for Nasdaq 100 ETF (QQQ)?+
Cross-asset hedges between Apple (AAPL) and Nasdaq 100 ETF (QQQ) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the Apple (AAPL)-Nasdaq 100 ETF (QQQ) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.