NOA vs QQQ: Correlation
Measured on weekly returns over the past three years, North American Construction Group Ltd. (NOA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOA and QQQ?
Across a 3-year window, the weekly returns of NOA and QQQ correlate at 0.29, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. Stretching to 5 years gives 0.31, with an annualized covariance of 214.9 %².
Within NOA's tracked universe of 12 assets, QQQ comes in at #7 by 3-year correlation. The last year tells two different stories: QQQ led by 24.3 percentage points, +2.0% for NOA against +26.3% for QQQ. Note the risk asymmetry: NOA runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NOA vs QQQ: side by side
| NOA (North American Construction Group Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +2.0% | +26.3% |
| 5-year return | +2.6% | +95.4% |
| Volatility (ann.) | 37.5% | 19.6% |
| Beta vs S&P 500 | 0.84 | 1.28 |
| Max drawdown (3Y) | -51.3% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 3.61% | 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 | NOA | QQQ |
|---|---|---|
| 2022 | -9.8% | -32.6% |
| 2023 | +58.3% | +54.9% |
| 2024 | +5.2% | +25.6% |
| 2025 | -32.8% | +20.8% |
| 2026 | -4.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOA and QQQ good diversifiers for each other?
Reasonably. At 0.29, NOA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NOA and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.22 over the last year and 0.31 over 5 years.
Is QQQ a good diversifier for NOA?
Reasonably. At 0.29, NOA and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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.
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Related comparisons
Hubs: NOA correlations · QQQ correlations
