NPV vs QQQ: Correlation
Nuveen Virginia Quality Municipal Income Fund (NPV) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPV and QQQ?
Over the past 3 years, NPV and QQQ moved with a correlation of 0.21, which is weak. The link has tightened recently: the 1-year correlation (0.38) runs above the 3-year figure (0.21). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 48.1 %².
QQQ is close to the least connected end of NPV's tracked universe, ranking #9 of 12. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 26.0 percentage points (+0.3% for NPV against +26.3% for QQQ). One caveat on sizing: QQQ is 1.6 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.
NPV vs QQQ: side by side
| NPV (Nuveen Virginia Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +0.3% | +26.3% |
| 5-year return | -20.8% | +95.4% |
| Volatility (ann.) | 11.9% | 19.6% |
| Beta vs S&P 500 | 0.23 | 1.28 |
| Max drawdown (3Y) | -18.3% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 8.01% | 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 | NPV | QQQ |
|---|---|---|
| 2022 | -31.5% | -32.6% |
| 2023 | +0.4% | +54.9% |
| 2024 | +24.6% | +25.6% |
| 2025 | -5.9% | +20.8% |
| 2026 | -0.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPV and QQQ good diversifiers for each other?
Reasonably. At 0.21, NPV and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NPV and QQQ?
The NPV/QQQ correlation stands at 0.21 on a 3-year window (1 year: 0.38, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NPV?
Reasonably. At 0.21, NPV and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 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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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/npv-vs-qqq/)
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Related comparisons
Hubs: NPV correlations · QQQ correlations
