FNV vs QQQ: Correlation
Measured on weekly returns over the past three years, Franco-Nevada Corporation (FNV) and Invesco QQQ Trust (QQQ) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNV and QQQ?
Across a 3-year window, the weekly returns of FNV and QQQ correlate at 0.11, weak. Lately the two have moved closer together, with the 1-year correlation at 0.23 versus 0.11 over 3 years. Stretching to 5 years gives 0.23, with an annualized covariance of 71.9 %².
Out of 10 assets tracked against FNV, QQQ lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with FNV ahead by 20.3 points (+46.6% versus +26.3%). Risk is not evenly split, since FNV carries 1.6 times the volatility of the other side.
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.
FNV vs QQQ: side by side
| FNV (Franco-Nevada Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +46.6% | +26.3% |
| 5-year return | +97.2% | +95.4% |
| Volatility (ann.) | 32.2% | 19.6% |
| Beta vs S&P 500 | 0.36 | 1.28 |
| Max drawdown (3Y) | -29.2% | -22.8% |
| Market cap | $52.3B | – |
| P/E (trailing) | 35.0 | – |
| Dividend yield | 0.61% | 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 | FNV | QQQ |
|---|---|---|
| 2022 | -0.4% | -32.6% |
| 2023 | -18.0% | +54.9% |
| 2024 | +7.4% | +25.6% |
| 2025 | +77.1% | +20.8% |
| 2026 | +31.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNV and QQQ good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNV and QQQ?
As of 2026-08-27, the correlation of weekly returns between FNV and QQQ is 0.11 over 3 years, 0.23 over 1 year and 0.23 over 5 years.
Is QQQ a good diversifier for FNV?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 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
$ curl https://www.pairbook.io/api/v1/pairs/fnv-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fnv-vs-qqq/)
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Related comparisons
Hubs: FNV correlations · QQQ correlations
