NRK vs QQQ: Correlation
How closely do Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRK and QQQ?
On 3 years of weekly data the NRK/QQQ correlation comes out at 0.31, moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.31). The 5-year figure is 0.42, and annualized covariance runs at 65.7 %².
Among the 14 assets we track against NRK, QQQ sits near the bottom by co-movement, at rank #10. Over the last 12 months QQQ came out ahead by 8.9 percentage points (+17.4% against +26.3%). One caveat on sizing: QQQ is 1.8 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.
NRK vs QQQ: side by side
| NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +17.4% | +26.3% |
| 5-year return | -2.0% | +95.4% |
| Volatility (ann.) | 10.7% | 19.6% |
| Beta vs S&P 500 | 0.27 | 1.28 |
| Max drawdown (3Y) | -11.5% | -22.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 8.15% | 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 | NRK | QQQ |
|---|---|---|
| 2022 | -21.8% | -32.6% |
| 2023 | +7.1% | +54.9% |
| 2024 | +5.9% | +25.6% |
| 2025 | +4.7% | +20.8% |
| 2026 | +7.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRK and QQQ good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NRK and QQQ?
As of 2026-08-27, the correlation of weekly returns between NRK and QQQ is 0.31 over 3 years, 0.51 over 1 year and 0.42 over 5 years.
Is QQQ a good diversifier for NRK?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nrk-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nrk-vs-qqq/)
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Related comparisons
Hubs: NRK correlations · QQQ correlations
