NMT vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Invesco QQQ Trust (QQQ) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMT and QQQ?
On 3 years of weekly data the NMT/QQQ correlation comes out at 0.25, weak. Recent behaviour matches the longer record: 0.31 over 1 year against 0.25 over 3. The 5-year figure is 0.34, and annualized covariance runs at 47.4 %².
Among the 13 assets we track against NMT, QQQ sits near the bottom by co-movement, at rank #10. Over the last 12 months QQQ came out ahead by 6.5 percentage points (+19.8% against +26.3%). One caveat on sizing: QQQ is 2.0 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.
NMT vs QQQ: side by side
| NMT (Nuveen Massachusetts Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.8% | +26.3% |
| 5-year return | +6.8% | +95.4% |
| Volatility (ann.) | 9.8% | 19.6% |
| Beta vs S&P 500 | 0.20 | 1.28 |
| Max drawdown (3Y) | -9.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 6.29% | 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 | NMT | QQQ |
|---|---|---|
| 2022 | -30.4% | -32.6% |
| 2023 | +2.6% | +54.9% |
| 2024 | +16.3% | +25.6% |
| 2025 | +5.8% | +20.8% |
| 2026 | +15.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NMT and QQQ?
The NMT/QQQ correlation stands at 0.25 on a 3-year window (1 year: 0.31, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NMT?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NMT correlations · QQQ correlations
