NCA vs QQQ: Correlation
Nuveen California Municipal Value Fund (NCA) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and QQQ?
Over the past 3 years, NCA and QQQ moved with a correlation of 0.28, which is weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 67.3 %².
Out of 10 assets tracked against NCA, QQQ lands near the bottom at #7. Over the last 12 months QQQ came out ahead by 14.8 percentage points (+11.5% against +26.3%). Note the risk asymmetry: QQQ 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.
NCA vs QQQ: side by side
| NCA (Nuveen California Municipal Value Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +11.5% | +26.3% |
| 5-year return | +2.8% | +95.4% |
| Volatility (ann.) | 12.3% | 19.6% |
| Beta vs S&P 500 | 0.30 | 1.28 |
| Max drawdown (3Y) | -10.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.83% | 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 | NCA | QQQ |
|---|---|---|
| 2022 | -13.5% | -32.6% |
| 2023 | +10.4% | +54.9% |
| 2024 | -1.9% | +25.6% |
| 2025 | +10.3% | +20.8% |
| 2026 | +4.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NCA and QQQ?
As of 2026-08-27, the correlation of weekly returns between NCA and QQQ is 0.28 over 3 years, 0.30 over 1 year and 0.34 over 5 years.
Is QQQ a good diversifier for NCA?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NCA correlations · QQQ correlations
