NVG vs QQQ: Correlation
How closely do Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and QQQ?
Across a 3-year window, the weekly returns of NVG and QQQ correlate at 0.26, weak. Lately the two have moved closer together, with the 1-year correlation at 0.39 versus 0.26 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 66.7 %².
Among the 28 assets we track against NVG, QQQ sits near the bottom by co-movement, at rank #25. On 12-month performance QQQ holds a 13.9-point edge, +12.4% against +26.3%. One caveat on sizing: QQQ is 1.5 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.
NVG vs QQQ: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +12.4% | +26.3% |
| 5-year return | -7.8% | +95.4% |
| Volatility (ann.) | 13.0% | 19.6% |
| Beta vs S&P 500 | 0.32 | 1.28 |
| Max drawdown (3Y) | -12.9% | -22.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.75% | 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 | NVG | QQQ |
|---|---|---|
| 2022 | -28.5% | -32.6% |
| 2023 | +2.0% | +54.9% |
| 2024 | +10.8% | +25.6% |
| 2025 | +11.6% | +20.8% |
| 2026 | +1.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVG and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.39 over the last year and 0.39 over 5 years.
Is QQQ a good diversifier for NVG?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NVG correlations · QQQ correlations
