NFE vs QQQ: Correlation
How closely do New Fortress Energy Inc. (NFE) 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 NFE and QQQ?
Over the past 3 years, NFE and QQQ moved with a correlation of 0.20, which is weak. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 419.7 %².
Out of 11 assets tracked against NFE, QQQ lands near the bottom at #8. The last year tells two different stories: QQQ led by 114.6 percentage points, -88.3% for NFE against +26.3% for QQQ. One caveat on sizing: NFE is 5.6 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.
NFE vs QQQ: side by side
| NFE (New Fortress Energy Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -88.3% | +26.3% |
| 5-year return | -98.8% | +95.4% |
| Volatility (ann.) | 109.0% | 19.6% |
| Beta vs S&P 500 | 1.67 | 1.28 |
| Max drawdown (3Y) | -99.3% | -22.8% |
| Market cap | $0.1B | – |
| 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 | NFE | QQQ |
|---|---|---|
| 2022 | +77.4% | -32.6% |
| 2023 | -3.1% | +54.9% |
| 2024 | -59.2% | +25.6% |
| 2025 | -92.5% | +20.8% |
| 2026 | -73.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and QQQ good diversifiers for each other?
Reasonably. At 0.20, NFE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NFE and QQQ?
As of 2026-08-27, the correlation of weekly returns between NFE and QQQ is 0.20 over 3 years, 0.22 over 1 year and 0.21 over 5 years.
Is QQQ a good diversifier for NFE?
Reasonably. At 0.20, NFE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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.
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Related comparisons
Hubs: NFE correlations · QQQ correlations
