NUTX vs QQQ: Correlation
How closely do Nutex Health Inc. (NUTX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUTX and QQQ?
Over the past 3 years, NUTX and QQQ moved with a correlation of 0.23, which is weak. Little has changed lately, as the 1-year reading of 0.19 lands near the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 542.5 %².
Out of 10 assets tracked against NUTX, QQQ lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with NUTX ahead by 89.7 points (+116.0% versus +26.3%). Note the risk asymmetry: NUTX runs 6.2 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.
NUTX vs QQQ: side by side
| NUTX (Nutex Health Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +116.0% | +26.3% |
| 5-year return | -96.8% | +95.4% |
| Volatility (ann.) | 120.6% | 19.6% |
| Beta vs S&P 500 | 2.13 | 1.28 |
| Max drawdown (3Y) | -90.7% | -22.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.00% | 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 | NUTX | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | -90.5% | +54.9% |
| 2024 | +17.4% | +25.6% |
| 2025 | +419.5% | +20.8% |
| 2026 | +17.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUTX and QQQ good diversifiers for each other?
Reasonably. At 0.23, NUTX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NUTX and QQQ?
The NUTX/QQQ correlation stands at 0.23 on a 3-year window (1 year: 0.19, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NUTX?
Reasonably. At 0.23, NUTX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nutx-vs-qqq/)
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Related comparisons
Hubs: NUTX correlations · QQQ correlations
