MNOV vs QQQ: Correlation
MediciNova, Inc. (MNOV) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MNOV and QQQ?
Across a 3-year window, the weekly returns of MNOV and QQQ correlate at 0.03, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.21 versus 0.03 over 3 years. Stretching to 5 years gives 0.13, with an annualized covariance of 36.3 %².
Out of 11 assets tracked against MNOV, QQQ lands near the bottom at #7. The last year tells two different stories: QQQ led by 20.3 percentage points, +6.0% for MNOV against +26.3% for QQQ. Note the risk asymmetry: MNOV runs 2.9 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.
MNOV vs QQQ: side by side
| MNOV (MediciNova, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +6.0% | +26.3% |
| 5-year return | -62.8% | +95.4% |
| Volatility (ann.) | 57.3% | 19.6% |
| Beta vs S&P 500 | 0.17 | 1.28 |
| Max drawdown (3Y) | -53.7% | -22.8% |
| Market cap | $0.1B | – |
| 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 | MNOV | QQQ |
|---|---|---|
| 2022 | -23.5% | -32.6% |
| 2023 | -26.8% | +54.9% |
| 2024 | +40.0% | +25.6% |
| 2025 | -37.6% | +20.8% |
| 2026 | +8.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MNOV and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between MNOV and QQQ?
As of 2026-08-27, the correlation of weekly returns between MNOV and QQQ is 0.03 over 3 years, 0.21 over 1 year and 0.13 over 5 years.
Is QQQ a good diversifier for MNOV?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 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: MNOV correlations · QQQ correlations
