CNQ vs QQQ: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Invesco QQQ Trust (QQQ) carry a correlation of -0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and QQQ?
Over the past 3 years, CNQ and QQQ moved with a correlation of -0.03, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.03 over 3 years. Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is -20.0 %².
Out of 20 assets tracked against CNQ, QQQ lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months CNQ outperformed by 35.9 percentage points (+62.2% for CNQ against +26.3% for QQQ).
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.
CNQ vs QQQ: side by side
| CNQ (Canadian Natural Resources Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +62.2% | +26.3% |
| 5-year return | +281.3% | +95.4% |
| Volatility (ann.) | 29.4% | 19.6% |
| Beta vs S&P 500 | 0.06 | 1.28 |
| Max drawdown (3Y) | -35.9% | -22.8% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 4.89% | 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 | CNQ | QQQ |
|---|---|---|
| 2022 | +42.9% | -32.6% |
| 2023 | +23.7% | +54.9% |
| 2024 | -1.3% | +25.6% |
| 2025 | +12.6% | +20.8% |
| 2026 | +50.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and QQQ good diversifiers for each other?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNQ and QQQ?
The CNQ/QQQ correlation stands at -0.03 on a 3-year window (1 year: -0.43, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CNQ?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 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.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnq-vs-qqq/)
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Related comparisons
Hubs: CNQ correlations · QQQ correlations
