NBB vs QQQ: Correlation
Nuveen Taxable Municipal Income Fund (NBB) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBB and QQQ?
Over the past 3 years, NBB and QQQ moved with a correlation of 0.20, which is weak. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.20). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 46.7 %².
Out of 19 assets tracked against NBB, QQQ lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 21.0 percentage points (+5.3% for NBB against +26.3% for QQQ). One caveat on sizing: QQQ is 1.6 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.
NBB vs QQQ: side by side
| NBB (Nuveen Taxable Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.3% | +26.3% |
| 5-year return | -5.4% | +95.4% |
| Volatility (ann.) | 12.0% | 19.6% |
| Beta vs S&P 500 | 0.22 | 1.28 |
| Max drawdown (3Y) | -11.4% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 16.4 | – |
| 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 | NBB | QQQ |
|---|---|---|
| 2022 | -24.6% | -32.6% |
| 2023 | +7.6% | +54.9% |
| 2024 | +1.4% | +25.6% |
| 2025 | +13.6% | +20.8% |
| 2026 | +2.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBB and QQQ good diversifiers for each other?
Reasonably. At 0.20, NBB and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NBB and QQQ?
As of 2026-08-27, the correlation of weekly returns between NBB and QQQ is 0.20 over 3 years, 0.52 over 1 year and 0.32 over 5 years.
Is QQQ a good diversifier for NBB?
Reasonably. At 0.20, NBB and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: NBB correlations · QQQ correlations
