MSEX vs QQQ: Correlation
How closely do Middlesex Water Company (MSEX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of -0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSEX and QQQ?
On 3 years of weekly data the MSEX/QQQ correlation comes out at -0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.08 lands near the 3-year figure. The 5-year figure is 0.12, and annualized covariance runs at -28.3 %².
Among the 14 assets we track against MSEX, QQQ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 16.2 percentage points (+10.1% for MSEX against +26.3% for QQQ). Note the risk asymmetry: MSEX runs 1.6 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.
MSEX vs QQQ: side by side
| MSEX (Middlesex Water Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.1% | +26.3% |
| 5-year return | -41.5% | +95.4% |
| Volatility (ann.) | 31.5% | 19.6% |
| Beta vs S&P 500 | 0.04 | 1.28 |
| Max drawdown (3Y) | -40.2% | -22.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 2.43% | 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 | MSEX | QQQ |
|---|---|---|
| 2022 | -33.8% | -32.6% |
| 2023 | -15.2% | +54.9% |
| 2024 | -18.0% | +25.6% |
| 2025 | -1.7% | +20.8% |
| 2026 | +17.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSEX and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSEX and QQQ?
The MSEX/QQQ correlation stands at -0.05 on a 3-year window (1 year: -0.08, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for MSEX?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
What does a correlation of -0.05 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.
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Related comparisons
Hubs: MSEX correlations · QQQ correlations
