NUV vs QQQ: Correlation
How closely do Nuveen Municipal Value Fund, Inc. (NUV) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and QQQ?
Across a 3-year window, the weekly returns of NUV and QQQ correlate at 0.21, weak. Recent behaviour matches the longer record: 0.23 over 1 year against 0.21 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 35.2 %².
QQQ is close to the least connected end of NUV's tracked universe, ranking #10 of 13. Correlation aside, the last 12 months split them widely, with QQQ ahead by 18.2 points (+8.1% versus +26.3%). Note the risk asymmetry: QQQ runs 2.3 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.
NUV vs QQQ: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +8.1% | +26.3% |
| 5-year return | -6.9% | +95.4% |
| Volatility (ann.) | 8.4% | 19.6% |
| Beta vs S&P 500 | 0.18 | 1.28 |
| Max drawdown (3Y) | -6.4% | -22.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 4.36% | 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 | NUV | QQQ |
|---|---|---|
| 2022 | -14.0% | -32.6% |
| 2023 | +4.0% | +54.9% |
| 2024 | +4.0% | +25.6% |
| 2025 | +10.3% | +20.8% |
| 2026 | +1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUV and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NUV and QQQ?
The NUV/QQQ correlation stands at 0.21 on a 3-year window (1 year: 0.23, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NUV?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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
$ curl https://www.pairbook.io/api/v1/pairs/nuv-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nuv-vs-qqq/)
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Related comparisons
Hubs: NUV correlations · QQQ correlations
