NKE vs QUAL: Correlation
Measured on weekly returns over the past three years, Nike, Inc. (NKE) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and QUAL?
On 3 years of weekly data the NKE/QUAL correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 212.4 %².
Among the 33 assets we track against NKE, QUAL ranks #6 by 3-year correlation. The last year tells two different stories: QUAL led by 69.1 percentage points, -49.4% for NKE against +19.7% for QUAL. This link changes with the market regime, having swung between 0.15 and 0.65 on a rolling one-year basis. Note the risk asymmetry: NKE runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NKE vs QUAL: side by side
| NKE (Nike, Inc.) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -49.4% | +19.7% |
| 5-year return | -75.2% | +68.0% |
| Volatility (ann.) | 36.6% | 14.0% |
| Beta vs S&P 500 | 0.93 | 0.93 |
| Max drawdown (3Y) | -66.9% | -18.0% |
| Market cap | $57.0B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 4.22% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | Consumer Discretionary | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | NKE | QUAL |
|---|---|---|
| 2022 | -29.0% | -20.5% |
| 2023 | -6.0% | +30.9% |
| 2024 | -29.1% | +22.3% |
| 2025 | -13.8% | +12.7% |
| 2026 | -38.7% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NKE and QUAL good diversifiers for each other?
Reasonably. At 0.42, NKE and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NKE and QUAL?
The NKE/QUAL correlation stands at 0.42 on a 3-year window (1 year: 0.45, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is QUAL a good diversifier for NKE?
Reasonably. At 0.42, NKE and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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/nke-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nke-vs-qual/)
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Related comparisons
Hubs: NKE correlations · QUAL correlations
