NEWT vs QQQ: Correlation
How closely do NewtekOne, Inc. (NEWT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEWT and QQQ?
Across a 3-year window, the weekly returns of NEWT and QQQ correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 254.2 %².
QQQ is close to the least connected end of NEWT's tracked universe, ranking #14 of 17. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 20.4 percentage points (+5.9% for NEWT against +26.3% for QQQ). One caveat on sizing: NEWT is 2.0 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.
NEWT vs QQQ: side by side
| NEWT (NewtekOne, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.9% | +26.3% |
| 5-year return | -35.1% | +95.4% |
| Volatility (ann.) | 38.9% | 19.6% |
| Beta vs S&P 500 | 1.15 | 1.28 |
| Max drawdown (3Y) | -43.8% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 6.16% | 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 | NEWT | QQQ |
|---|---|---|
| 2022 | -33.2% | -32.6% |
| 2023 | -10.7% | +54.9% |
| 2024 | -1.6% | +25.6% |
| 2025 | -4.9% | +20.8% |
| 2026 | +11.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEWT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEWT and QQQ?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.31 over the last year and 0.36 over 5 years.
Is QQQ a good diversifier for NEWT?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/newt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/newt-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEWT correlations · QQQ correlations
