NCMI vs QQQ: Correlation
National CineMedia, Inc. (NCMI) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCMI and QQQ?
On 3 years of weekly data the NCMI/QQQ correlation comes out at 0.16, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.16 over 3. The 5-year figure is 0.16, and annualized covariance runs at 161.7 %².
Among the 10 assets we track against NCMI, QQQ sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 66.9 percentage points (-40.6% for NCMI against +26.3% for QQQ). Risk is not evenly split, since NCMI carries 2.6 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.
NCMI vs QQQ: side by side
| NCMI (National CineMedia, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -40.6% | +26.3% |
| 5-year return | -88.8% | +95.4% |
| Volatility (ann.) | 51.6% | 19.6% |
| Beta vs S&P 500 | 0.73 | 1.28 |
| Max drawdown (3Y) | -68.9% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.41% | 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 | NCMI | QQQ |
|---|---|---|
| 2022 | -91.7% | -32.6% |
| 2023 | +88.2% | +54.9% |
| 2024 | +60.4% | +25.6% |
| 2025 | -39.9% | +20.8% |
| 2026 | -34.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCMI and QQQ good diversifiers for each other?
Yes. With a correlation of 0.16, NCMI and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCMI and QQQ?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.20 over the last year and 0.16 over 5 years.
Is QQQ a good diversifier for NCMI?
Yes. With a correlation of 0.16, NCMI and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
A reading of 0.16 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: NCMI correlations · QQQ correlations
