BNS vs QQQ: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and QQQ?
Across a 3-year window, the weekly returns of BNS and QQQ correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.50, with an annualized covariance of 132.2 %².
Among the 11 assets we track against BNS, QQQ sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with BNS ahead by 25.6 points (+51.9% versus +26.3%).
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.
BNS vs QQQ: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +51.9% | +26.3% |
| 5-year return | +90.5% | +95.4% |
| Volatility (ann.) | 17.4% | 19.6% |
| Beta vs S&P 500 | 0.58 | 1.28 |
| Max drawdown (3Y) | -19.5% | -22.8% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 4.74% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | BNS | QQQ |
|---|---|---|
| 2022 | -28.8% | -32.6% |
| 2023 | +6.0% | +54.9% |
| 2024 | +17.6% | +25.6% |
| 2025 | +43.4% | +20.8% |
| 2026 | +27.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and QQQ good diversifiers for each other?
Reasonably. At 0.39, BNS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BNS and QQQ?
As of 2026-08-27, the correlation of weekly returns between BNS and QQQ is 0.39 over 3 years, 0.45 over 1 year and 0.50 over 5 years.
Is QQQ a good diversifier for BNS?
Reasonably. At 0.39, BNS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
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Related comparisons
Hubs: BNS correlations · QQQ correlations
