NML vs QQQ: Correlation
Neuberger Energy Infrastructure and Income Fund Inc. (NML) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and QQQ?
On 3 years of weekly data the NML/QQQ correlation comes out at 0.10, weak. The past 12 months show a weaker link (-0.31) than the 3-year average (0.10). The 5-year figure is 0.25, and annualized covariance runs at 40.1 %².
Among the 26 assets we track against NML, QQQ sits near the bottom by co-movement, at rank #23. Neither side won the trailing year by much: +30.7% against +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.
NML vs QQQ: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +30.7% | +26.3% |
| 5-year return | +220.1% | +95.4% |
| Volatility (ann.) | 21.3% | 19.6% |
| Beta vs S&P 500 | 0.35 | 1.28 |
| Max drawdown (3Y) | -16.9% | -22.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 4.3 | – |
| 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 | NML | QQQ |
|---|---|---|
| 2022 | +32.8% | -32.6% |
| 2023 | +14.5% | +54.9% |
| 2024 | +40.5% | +25.6% |
| 2025 | +4.3% | +20.8% |
| 2026 | +29.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and QQQ good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NML and QQQ?
The NML/QQQ correlation stands at 0.10 on a 3-year window (1 year: -0.31, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NML?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 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
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Related comparisons
Hubs: NML correlations · QQQ correlations
