CNI vs QQQ: Correlation
How closely do Canadian National Railway Company (CNI) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and QQQ?
Over the past 3 years, CNI and QQQ moved with a correlation of 0.26, which is weak. The past 12 months show a weaker link (-0.01) than the 3-year average (0.26). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 95.8 %².
Among the 10 assets we track against CNI, QQQ sits near the bottom by co-movement, at rank #7. On 12-month performance CNI holds a 6.2-point edge, +32.5% against +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.
CNI vs QQQ: side by side
| CNI (Canadian National Railway Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +32.5% | +26.3% |
| 5-year return | +27.2% | +95.4% |
| Volatility (ann.) | 18.6% | 19.6% |
| Beta vs S&P 500 | 0.48 | 1.28 |
| Max drawdown (3Y) | -29.1% | -22.8% |
| Market cap | $76.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 2.83% | 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 | CNI | QQQ |
|---|---|---|
| 2022 | -1.4% | -32.6% |
| 2023 | +7.8% | +54.9% |
| 2024 | -17.5% | +25.6% |
| 2025 | -0.8% | +20.8% |
| 2026 | +29.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNI and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with -0.01 over the last year and 0.37 over 5 years.
Is QQQ a good diversifier for CNI?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CNI correlations · QQQ correlations
