NEA vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and QQQ?
Over the past 3 years, NEA and QQQ moved with a correlation of 0.31, which is moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.31). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 65.7 %².
QQQ is close to the least connected end of NEA's tracked universe, ranking #33 of 36. Correlation aside, the last 12 months split them widely, with QQQ ahead by 15.9 points (+10.4% versus +26.3%). Risk is not evenly split, since QQQ carries 1.8 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.
NEA vs QQQ: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.4% | +26.3% |
| 5-year return | -4.4% | +95.4% |
| Volatility (ann.) | 10.9% | 19.6% |
| Beta vs S&P 500 | 0.28 | 1.28 |
| Max drawdown (3Y) | -11.3% | -22.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 7.70% | 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 | NEA | QQQ |
|---|---|---|
| 2022 | -23.3% | -32.6% |
| 2023 | +0.8% | +54.9% |
| 2024 | +9.5% | +25.6% |
| 2025 | +11.3% | +20.8% |
| 2026 | +1.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and QQQ good diversifiers for each other?
Reasonably. At 0.31, NEA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEA and QQQ?
The NEA/QQQ correlation stands at 0.31 on a 3-year window (1 year: 0.53, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NEA?
Reasonably. At 0.31, NEA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: NEA correlations · QQQ correlations
