NUWE vs QQQ: Correlation
Measured on weekly returns over the past three years, Nuwellis, Inc. (NUWE) and Invesco QQQ Trust (QQQ) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUWE and QQQ?
On 3 years of weekly data the NUWE/QQQ correlation comes out at 0.17, weak. Lately the two have moved closer together, with the 1-year correlation at 0.35 versus 0.17 over 3 years. The 5-year figure is 0.17, and annualized covariance runs at 472.8 %².
Within NUWE's tracked universe of 12 assets, QQQ comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 125.8 percentage points (-99.5% for NUWE against +26.3% for QQQ). One caveat on sizing: NUWE is 7.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NUWE vs QQQ: side by side
| NUWE (Nuwellis, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -99.5% | +26.3% |
| 5-year return | -100.0% | +95.4% |
| Volatility (ann.) | 141.6% | 19.6% |
| Beta vs S&P 500 | 1.66 | 1.28 |
| Max drawdown (3Y) | -100.0% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | NUWE | QQQ |
|---|---|---|
| 2022 | -90.6% | -32.6% |
| 2023 | -94.6% | +54.9% |
| 2024 | -94.5% | +25.6% |
| 2025 | -96.3% | +20.8% |
| 2026 | -98.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUWE and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NUWE and QQQ?
As of 2026-08-27, the correlation of weekly returns between NUWE and QQQ is 0.17 over 3 years, 0.35 over 1 year and 0.17 over 5 years.
Is QQQ a good diversifier for NUWE?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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/nuwe-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nuwe-vs-qqq/)
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Related comparisons
Hubs: NUWE correlations · QQQ correlations
