NAN vs QQQ: Correlation
How closely do Nuveen New York Quality Municipal Income Fund (NAN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and QQQ?
Over the past 3 years, NAN and QQQ moved with a correlation of 0.30, which is moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 60.2 %².
Out of 15 assets tracked against NAN, QQQ lands near the bottom at #12. The last year tells two different stories: QQQ led by 18.1 percentage points, +8.2% for NAN against +26.3% for QQQ. One caveat on sizing: QQQ is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NAN vs QQQ: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +8.2% | +26.3% |
| 5-year return | -2.8% | +95.4% |
| Volatility (ann.) | 10.3% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -11.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 7.90% | 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 | NAN | QQQ |
|---|---|---|
| 2022 | -24.0% | -32.6% |
| 2023 | +8.2% | +54.9% |
| 2024 | +10.2% | +25.6% |
| 2025 | +6.6% | +20.8% |
| 2026 | +2.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and QQQ good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAN and QQQ?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.39 over the last year and 0.41 over 5 years.
Is QQQ a good diversifier for NAN?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nan-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nan-vs-qqq/)
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Related comparisons
Hubs: NAN correlations · QQQ correlations
