NUW vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Municipal Value Fund (NUW) and Invesco QQQ Trust (QQQ) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUW and QQQ?
Over the past 3 years, NUW and QQQ moved with a correlation of 0.21, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.40 versus 0.21 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 35.8 %².
QQQ is close to the least connected end of NUW's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 20.4 percentage points (+5.9% for NUW against +26.3% for QQQ). Risk is not evenly split, since QQQ carries 2.3 times the volatility of the other side.
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.
NUW vs QQQ: side by side
| NUW (Nuveen AMT-Free Municipal Value Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.9% | +26.3% |
| 5-year return | -1.6% | +95.4% |
| Volatility (ann.) | 8.7% | 19.6% |
| Beta vs S&P 500 | 0.15 | 1.28 |
| Max drawdown (3Y) | -7.7% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | – |
| 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 | NUW | QQQ |
|---|---|---|
| 2022 | -15.2% | -32.6% |
| 2023 | +3.8% | +54.9% |
| 2024 | +3.6% | +25.6% |
| 2025 | +9.9% | +20.8% |
| 2026 | -0.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUW and QQQ good diversifiers for each other?
Reasonably. At 0.21, NUW and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NUW and QQQ?
The NUW/QQQ correlation stands at 0.21 on a 3-year window (1 year: 0.40, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NUW?
Reasonably. At 0.21, NUW and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.21 mean?
A reading of 0.21 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
$ curl https://www.pairbook.io/api/v1/pairs/nuw-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nuw-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUW correlations · QQQ correlations
