NTB vs QQQ: Correlation
Measured on weekly returns over the past three years, Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and Invesco QQQ Trust (QQQ) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and QQQ?
Across a 3-year window, the weekly returns of NTB and QQQ correlate at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.34). Stretching to 5 years gives 0.37, with an annualized covariance of 157.9 %².
Among the 12 assets we track against NTB, QQQ sits near the bottom by co-movement, at rank #9. Over the last 12 months NTB came out ahead by 7.7 percentage points (+34.0% against +26.3%).
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.
NTB vs QQQ: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +34.0% | +26.3% |
| 5-year return | +125.2% | +95.4% |
| Volatility (ann.) | 23.5% | 19.6% |
| Beta vs S&P 500 | 0.71 | 1.28 |
| Max drawdown (3Y) | -14.7% | -22.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 3.39% | 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 | NTB | QQQ |
|---|---|---|
| 2022 | -17.5% | -32.6% |
| 2023 | +14.3% | +54.9% |
| 2024 | +20.2% | +25.6% |
| 2025 | +41.0% | +20.8% |
| 2026 | +21.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and QQQ good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NTB and QQQ?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.18 over the last year and 0.37 over 5 years.
Is QQQ a good diversifier for NTB?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/ntb-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntb-vs-qqq/)
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Related comparisons
Hubs: NTB correlations · QQQ correlations
