NEXT vs QQQ: Correlation
How closely do NextDecade Corporation (NEXT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXT and QQQ?
On 3 years of weekly data the NEXT/QQQ correlation comes out at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.22 versus 0.12 over 3 years. The 5-year figure is 0.17, and annualized covariance runs at 150.8 %².
Among the 12 assets we track against NEXT, QQQ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with QQQ ahead by 56.2 points (-29.9% versus +26.3%). One caveat on sizing: NEXT is 3.3 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.
NEXT vs QQQ: side by side
| NEXT (NextDecade Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -29.9% | +26.3% |
| 5-year return | +136.2% | +95.4% |
| Volatility (ann.) | 64.4% | 19.6% |
| Beta vs S&P 500 | 0.79 | 1.28 |
| Max drawdown (3Y) | -60.0% | -22.8% |
| Market cap | $2.0B | – |
| 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 | NEXT | QQQ |
|---|---|---|
| 2022 | +73.3% | -32.6% |
| 2023 | -3.4% | +54.9% |
| 2024 | +61.6% | +25.6% |
| 2025 | -31.6% | +20.8% |
| 2026 | +41.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXT and QQQ good diversifiers for each other?
Yes. With a correlation of 0.12, NEXT and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEXT and QQQ?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.22 over the last year and 0.17 over 5 years.
Is QQQ a good diversifier for NEXT?
Yes. With a correlation of 0.12, NEXT and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 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
$ curl https://www.pairbook.io/api/v1/pairs/next-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/next-vs-qqq/)
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Related comparisons
Hubs: NEXT correlations · QQQ correlations
