NBHC vs QQQ: Correlation
How closely do National Bank Holdings Corporation (NBHC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBHC and QQQ?
On 3 years of weekly data the NBHC/QQQ correlation comes out at 0.32, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.32). The 5-year figure is 0.30, and annualized covariance runs at 155.2 %².
QQQ is close to the least connected end of NBHC's tracked universe, ranking #15 of 18. The last year tells two different stories: QQQ led by 19.2 percentage points, +7.1% for NBHC against +26.3% for QQQ.
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.
NBHC vs QQQ: side by side
| NBHC (National Bank Holdings Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +7.1% | +26.3% |
| 5-year return | +26.8% | +95.4% |
| Volatility (ann.) | 25.0% | 19.6% |
| Beta vs S&P 500 | 0.75 | 1.28 |
| Max drawdown (3Y) | -32.9% | -22.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 3.07% | 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 | NBHC | QQQ |
|---|---|---|
| 2022 | -2.2% | -32.6% |
| 2023 | -8.8% | +54.9% |
| 2024 | +19.1% | +25.6% |
| 2025 | -8.9% | +20.8% |
| 2026 | +10.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBHC and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBHC and QQQ?
The NBHC/QQQ correlation stands at 0.32 on a 3-year window (1 year: 0.09, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NBHC?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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: NBHC correlations · QQQ correlations
