JLS vs QQQ: Correlation
Nuveen Mortgage and Income Fund (JLS) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JLS and QQQ?
Across a 3-year window, the weekly returns of JLS and QQQ correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 74.9 %².
Among the 10 assets we track against JLS, QQQ sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with QQQ ahead by 26.7 points (-0.4% versus +26.3%). Note the risk asymmetry: QQQ runs 1.9 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.
JLS vs QQQ: side by side
| JLS (Nuveen Mortgage and Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -0.4% | +26.3% |
| 5-year return | +25.5% | +95.4% |
| Volatility (ann.) | 10.1% | 19.6% |
| Beta vs S&P 500 | 0.31 | 1.28 |
| Max drawdown (3Y) | -9.3% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | – |
| 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 | JLS | QQQ |
|---|---|---|
| 2022 | -17.9% | -32.6% |
| 2023 | +14.9% | +54.9% |
| 2024 | +17.9% | +25.6% |
| 2025 | +11.6% | +20.8% |
| 2026 | -0.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JLS and QQQ good diversifiers for each other?
Reasonably. At 0.38, JLS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between JLS and QQQ?
The JLS/QQQ correlation stands at 0.38 on a 3-year window (1 year: 0.34, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for JLS?
Reasonably. At 0.38, JLS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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: JLS correlations · QQQ correlations
