FNWD vs QQQ: Correlation
Finward Bancorp (FNWD) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNWD and QQQ?
Over the past 3 years, FNWD and QQQ moved with a correlation of 0.01, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.00) sits close to the 3-year figure. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 7.4 %².
QQQ is close to the least connected end of FNWD's tracked universe, ranking #7 of 10. The trailing year gives FNWD the advantage: +37.0% versus +26.3%, a 10.7-point spread.
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.
FNWD vs QQQ: side by side
| FNWD (Finward Bancorp) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +37.0% | +26.3% |
| 5-year return | +17.8% | +95.4% |
| Volatility (ann.) | 27.1% | 19.6% |
| Beta vs S&P 500 | 0.12 | 1.28 |
| Max drawdown (3Y) | -23.5% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.11% | 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 | FNWD | QQQ |
|---|---|---|
| 2022 | -18.5% | -32.6% |
| 2023 | -27.6% | +54.9% |
| 2024 | +13.4% | +25.6% |
| 2025 | +27.1% | +20.8% |
| 2026 | +23.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNWD and QQQ good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNWD and QQQ?
The FNWD/QQQ correlation stands at 0.01 on a 3-year window (1 year: 0.00, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for FNWD?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fnwd-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fnwd-vs-qqq/)
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Related comparisons
Hubs: FNWD correlations · QQQ correlations
