DNN vs QQQ: Correlation
How closely do Denison Mines Corp (DNN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNN and QQQ?
Across a 3-year window, the weekly returns of DNN and QQQ correlate at 0.37, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.53 versus 0.37 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 399.3 %².
Within DNN's tracked universe of 19 assets, QQQ comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DNN outperformed by 42.8 percentage points (+69.1% for DNN against +26.3% for QQQ). One caveat on sizing: DNN is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DNN vs QQQ: side by side
| DNN (Denison Mines Corp) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +69.1% | +26.3% |
| 5-year return | +211.0% | +95.4% |
| Volatility (ann.) | 55.6% | 19.6% |
| Beta vs S&P 500 | 1.35 | 1.28 |
| Max drawdown (3Y) | -52.5% | -22.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | DNN | QQQ |
|---|---|---|
| 2022 | -16.1% | -32.6% |
| 2023 | +53.9% | +54.9% |
| 2024 | +1.7% | +25.6% |
| 2025 | +47.8% | +20.8% |
| 2026 | +38.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNN and QQQ good diversifiers for each other?
Reasonably. At 0.37, DNN and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DNN and QQQ?
The DNN/QQQ correlation stands at 0.37 on a 3-year window (1 year: 0.53, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for DNN?
Reasonably. At 0.37, DNN and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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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Related comparisons
Hubs: DNN correlations · QQQ correlations
