NSC vs QQQ: Correlation
How closely do Norfolk Southern (NSC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and QQQ?
Over the past 3 years, NSC and QQQ moved with a correlation of 0.30, which is moderate. The past 12 months show a weaker link (-0.14) than the 3-year average (0.30). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 127.9 %².
By 3-year correlation, QQQ places #21 of the 32 assets tracked against NSC. Their 12-month results are close: +30.0% for NSC against +26.3% for QQQ. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.10 to 0.68.
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.
NSC vs QQQ: side by side
| NSC (Norfolk Southern) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +30.0% | +26.3% |
| 5-year return | +49.6% | +95.4% |
| Volatility (ann.) | 22.0% | 19.6% |
| Beta vs S&P 500 | 0.69 | 1.28 |
| Max drawdown (3Y) | -25.1% | -22.8% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.53% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Industrials | 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 | NSC | QQQ |
|---|---|---|
| 2022 | -15.6% | -32.6% |
| 2023 | -1.6% | +54.9% |
| 2024 | +1.6% | +25.6% |
| 2025 | +25.6% | +20.8% |
| 2026 | +22.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NSC and QQQ good diversifiers for each other?
Reasonably. At 0.30, NSC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NSC and QQQ?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with -0.14 over the last year and 0.39 over 5 years.
Is QQQ a good diversifier for NSC?
Reasonably. At 0.30, NSC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nsc-vs-qqq/)
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Related comparisons
Hubs: NSC correlations · QQQ correlations
