NMFC vs QQQ: Correlation
Measured on weekly returns over the past three years, New Mountain Finance Corporation (NMFC) and Invesco QQQ Trust (QQQ) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMFC and QQQ?
Across a 3-year window, the weekly returns of NMFC and QQQ correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 128.9 %².
QQQ is close to the least connected end of NMFC's tracked universe, ranking #18 of 22. Correlation aside, the last 12 months split them widely, with QQQ ahead by 42.4 points (-16.1% versus +26.3%).
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.
NMFC vs QQQ: side by side
| NMFC (New Mountain Finance Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -16.1% | +26.3% |
| 5-year return | +1.4% | +95.4% |
| Volatility (ann.) | 19.7% | 19.6% |
| Beta vs S&P 500 | 0.53 | 1.28 |
| Max drawdown (3Y) | -30.6% | -22.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 15.98% | 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 | NMFC | QQQ |
|---|---|---|
| 2022 | -0.6% | -32.6% |
| 2023 | +15.8% | +54.9% |
| 2024 | -0.9% | +25.6% |
| 2025 | -7.2% | +20.8% |
| 2026 | -10.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMFC 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 NMFC and QQQ?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.38 over the last year and 0.38 over 5 years.
Is QQQ a good diversifier for NMFC?
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?
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/nmfc-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nmfc-vs-qqq/)
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Related comparisons
Hubs: NMFC correlations · QQQ correlations
