NUE vs QQQ: Correlation
Measured on weekly returns over the past three years, Nucor (NUE) and Invesco QQQ Trust (QQQ) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and QQQ?
Across a 3-year window, the weekly returns of NUE and QQQ correlate at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.37). Stretching to 5 years gives 0.44, with an annualized covariance of 240.1 %².
Among the 34 assets we track against NUE, QQQ ranks #22 by 3-year correlation. The last year tells two different stories: NUE led by 43.8 percentage points, +70.1% for NUE against +26.3% for QQQ. The rolling one-year correlation moved between 0.12 and 0.58 over the past three years, a moderate range. Note the risk asymmetry: NUE runs 1.7 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.
NUE vs QQQ: side by side
| NUE (Nucor) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +70.1% | +26.3% |
| 5-year return | +124.6% | +95.4% |
| Volatility (ann.) | 33.3% | 19.6% |
| Beta vs S&P 500 | 1.08 | 1.28 |
| Max drawdown (3Y) | -47.8% | -22.8% |
| Market cap | $57.3B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 0.88% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Materials | 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 | NUE | QQQ |
|---|---|---|
| 2022 | +17.4% | -32.6% |
| 2023 | +33.8% | +54.9% |
| 2024 | -32.0% | +25.6% |
| 2025 | +42.0% | +20.8% |
| 2026 | +55.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and QQQ good diversifiers for each other?
Reasonably. At 0.37, NUE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NUE and QQQ?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.25 over the last year and 0.44 over 5 years.
Is QQQ a good diversifier for NUE?
Reasonably. At 0.37, NUE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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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Related comparisons
Hubs: NUE correlations · QQQ correlations
