NMS vs QQQ: Correlation
Nuveen Minnesota Quality Municipal Income Fund (NMS) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and QQQ?
Over the past 3 years, NMS and QQQ moved with a correlation of 0.23, which is weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.23 over 3. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 53.7 %².
Among the 11 assets we track against NMS, QQQ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with QQQ ahead by 22.2 points (+4.1% versus +26.3%). One caveat on sizing: QQQ is 1.7 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.
NMS vs QQQ: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +4.1% | +26.3% |
| 5-year return | -9.9% | +95.4% |
| Volatility (ann.) | 11.7% | 19.6% |
| Beta vs S&P 500 | 0.23 | 1.28 |
| Max drawdown (3Y) | -12.8% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| 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 | NMS | QQQ |
|---|---|---|
| 2022 | -21.9% | -32.6% |
| 2023 | +1.6% | +54.9% |
| 2024 | +19.6% | +25.6% |
| 2025 | +2.2% | +20.8% |
| 2026 | -2.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and QQQ good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NMS and QQQ?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.29 over the last year and 0.16 over 5 years.
Is QQQ a good diversifier for NMS?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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[](https://www.pairbook.io/pair/nms-vs-qqq/)
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Related comparisons
Hubs: NMS correlations · QQQ correlations
