NNY vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuveen New York Municipal Value Fund (NNY) and Invesco QQQ Trust (QQQ) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and QQQ?
Over the past 3 years, NNY and QQQ moved with a correlation of 0.26, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.45 versus 0.26 over 3 years. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 45.3 %².
QQQ is close to the least connected end of NNY's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with QQQ ahead by 20.3 points (+6.0% versus +26.3%). One caveat on sizing: QQQ is 2.2 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.
NNY vs QQQ: side by side
| NNY (Nuveen New York Municipal Value Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +6.0% | +26.3% |
| 5-year return | -2.8% | +95.4% |
| Volatility (ann.) | 8.8% | 19.6% |
| Beta vs S&P 500 | 0.19 | 1.28 |
| Max drawdown (3Y) | -8.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 4.34% | 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 | NNY | QQQ |
|---|---|---|
| 2022 | -13.4% | -32.6% |
| 2023 | +4.3% | +54.9% |
| 2024 | +1.2% | +25.6% |
| 2025 | +11.2% | +20.8% |
| 2026 | -1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and QQQ good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NNY and QQQ?
The NNY/QQQ correlation stands at 0.26 on a 3-year window (1 year: 0.45, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NNY?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
A reading of 0.26 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
$ curl https://www.pairbook.io/api/v1/pairs/nny-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nny-vs-qqq/)
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Related comparisons
Hubs: NNY correlations · QQQ correlations
