FCNCA vs QQQ: Correlation
First Citizens BancShares, Inc. (FCNCA) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCNCA and QQQ?
On 3 years of weekly data the FCNCA/QQQ correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.31). The 5-year figure is 0.27, and annualized covariance runs at 181.7 %².
Out of 11 assets tracked against FCNCA, QQQ lands near the bottom at #7. The last year tells two different stories: QQQ led by 19.6 percentage points, +6.7% for FCNCA against +26.3% for QQQ. Note the risk asymmetry: FCNCA runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FCNCA vs QQQ: side by side
| FCNCA (First Citizens BancShares, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +6.7% | +26.3% |
| 5-year return | +146.7% | +95.4% |
| Volatility (ann.) | 29.7% | 19.6% |
| Beta vs S&P 500 | 0.95 | 1.28 |
| Max drawdown (3Y) | -33.5% | -22.8% |
| Market cap | $24.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | 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 | FCNCA | QQQ |
|---|---|---|
| 2022 | -8.4% | -32.6% |
| 2023 | +87.7% | +54.9% |
| 2024 | +49.5% | +25.6% |
| 2025 | +2.0% | +20.8% |
| 2026 | +0.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCNCA and QQQ good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FCNCA and QQQ?
As of 2026-08-27, the correlation of weekly returns between FCNCA and QQQ is 0.31 over 3 years, 0.08 over 1 year and 0.27 over 5 years.
Is QQQ a good diversifier for FCNCA?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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: FCNCA correlations · QQQ correlations
