NAC vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuveen California Quality Municipal Income Fund (NAC) and Invesco QQQ Trust (QQQ) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and QQQ?
Across a 3-year window, the weekly returns of NAC and QQQ correlate at 0.25, weak. The past 12 months show a tighter link (0.52) than the 3-year average (0.25). Stretching to 5 years gives 0.34, with an annualized covariance of 51.7 %².
Out of 15 assets tracked against NAC, QQQ lands near the bottom at #12. The trailing year gives QQQ the advantage: +12.8% versus +26.3%, a 13.5-point spread. Risk is not evenly split, since QQQ carries 1.9 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.
NAC vs QQQ: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +12.8% | +26.3% |
| 5-year return | -0.8% | +95.4% |
| Volatility (ann.) | 10.5% | 19.6% |
| Beta vs S&P 500 | 0.21 | 1.28 |
| Max drawdown (3Y) | -9.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 7.63% | 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 | NAC | QQQ |
|---|---|---|
| 2022 | -25.6% | -32.6% |
| 2023 | +4.5% | +54.9% |
| 2024 | +8.7% | +25.6% |
| 2025 | +13.1% | +20.8% |
| 2026 | +4.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and QQQ good diversifiers for each other?
Reasonably. At 0.25, NAC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAC and QQQ?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.52 over the last year and 0.34 over 5 years.
Is QQQ a good diversifier for NAC?
Reasonably. At 0.25, NAC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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/nac-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nac-vs-qqq/)
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Related comparisons
Hubs: NAC correlations · QQQ correlations
