NTAP vs QQQM: Correlation
Measured on weekly returns over the past three years, NetApp (NTAP) and Invesco Nasdaq 100 ETF (QQQM) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and QQQM?
Across a 3-year window, the weekly returns of NTAP and QQQM correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.55, with an annualized covariance of 402.9 %².
By 3-year correlation, QQQM places #7 of the 32 assets tracked against NTAP. The last year tells two different stories: NTAP led by 46.6 percentage points, +73.0% for NTAP against +26.4% for QQQM. On a rolling one-year basis the correlation drifted between 0.38 and 0.75, a moderate band. Note the risk asymmetry: NTAP 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.
NTAP vs QQQM: side by side
| NTAP (NetApp) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +73.0% | +26.4% |
| 5-year return | +141.7% | +96.1% |
| Volatility (ann.) | 37.6% | 19.5% |
| Beta vs S&P 500 | 1.38 | 1.28 |
| Max drawdown (3Y) | -42.6% | -22.7% |
| Market cap | $37.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.07% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | Information Technology | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | NTAP | QQQM |
|---|---|---|
| 2022 | -32.9% | -32.5% |
| 2023 | +51.1% | +55.0% |
| 2024 | +34.2% | +25.7% |
| 2025 | -5.9% | +20.9% |
| 2026 | +80.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTAP and QQQM good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NTAP and QQQM?
The NTAP/QQQM correlation stands at 0.55 on a 3-year window (1 year: 0.41, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for NTAP?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: NTAP correlations · QQQM correlations
