NL vs QQQ: Correlation
Measured on weekly returns over the past three years, NLI Holdings, Inc. (NL) and Invesco QQQ Trust (QQQ) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and QQQ?
On 3 years of weekly data the NL/QQQ correlation comes out at 0.21, weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.21). The 5-year figure is 0.24, and annualized covariance runs at 166.0 %².
QQQ is close to the least connected end of NL's tracked universe, ranking #9 of 12. The last year tells two different stories: QQQ led by 22.7 percentage points, +3.6% for NL against +26.3% for QQQ. One caveat on sizing: NL is 2.1 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.
NL vs QQQ: side by side
| NL (NLI Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +3.6% | +26.3% |
| 5-year return | +41.5% | +95.4% |
| Volatility (ann.) | 41.2% | 19.6% |
| Beta vs S&P 500 | 0.73 | 1.28 |
| Max drawdown (3Y) | -38.9% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.77% | 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 | NL | QQQ |
|---|---|---|
| 2022 | -1.3% | -32.6% |
| 2023 | -13.5% | +54.9% |
| 2024 | +54.9% | +25.6% |
| 2025 | -23.0% | +20.8% |
| 2026 | +23.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and QQQ good diversifiers for each other?
Reasonably. At 0.21, NL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NL and QQQ?
The NL/QQQ correlation stands at 0.21 on a 3-year window (1 year: 0.08, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NL?
Reasonably. At 0.21, NL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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/nl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nl-vs-qqq/)
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Related comparisons
Hubs: NL correlations · QQQ correlations
