NCPL vs QQQ: Correlation
How closely do Netcapital Inc. (NCPL) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCPL and QQQ?
On 3 years of weekly data the NCPL/QQQ correlation comes out at 0.20, weak. The link has tightened recently: the 1-year correlation (0.31) runs above the 3-year figure (0.20). The 5-year figure is 0.18, and annualized covariance runs at 585.0 %².
Out of 10 assets tracked against NCPL, QQQ lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 100.7 percentage points (-74.4% for NCPL against +26.3% for QQQ). One caveat on sizing: NCPL is 7.8 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.
NCPL vs QQQ: side by side
| NCPL (Netcapital Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -74.4% | +26.3% |
| 5-year return | -99.9% | +95.4% |
| Volatility (ann.) | 152.6% | 19.6% |
| Beta vs S&P 500 | 1.81 | 1.28 |
| Max drawdown (3Y) | -99.4% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | NCPL | QQQ |
|---|---|---|
| 2022 | -90.0% | -32.6% |
| 2023 | -85.9% | +54.9% |
| 2024 | -86.0% | +25.6% |
| 2025 | -68.3% | +20.8% |
| 2026 | -18.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCPL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NCPL and QQQ?
The NCPL/QQQ correlation stands at 0.20 on a 3-year window (1 year: 0.31, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NCPL?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 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: NCPL correlations · QQQ correlations
