NVMI vs QQQ: Correlation
How closely do Nova Ltd. (NVMI) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVMI and QQQ?
Over the past 3 years, NVMI and QQQ moved with a correlation of 0.60, which is strong. Recent behaviour matches the longer record: 0.54 over 1 year against 0.60 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 611.8 %².
Within NVMI's tracked universe of 12 assets, QQQ comes in at #7 by 3-year correlation. Over the last 12 months NVMI came out ahead by 14.4 percentage points (+40.7% against +26.3%). Note the risk asymmetry: NVMI runs 2.6 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.
NVMI vs QQQ: side by side
| NVMI (Nova Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +40.7% | +26.3% |
| 5-year return | +266.1% | +95.4% |
| Volatility (ann.) | 51.8% | 19.6% |
| Beta vs S&P 500 | 1.93 | 1.28 |
| Max drawdown (3Y) | -40.8% | -22.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 45.7 | – |
| 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 | NVMI | QQQ |
|---|---|---|
| 2022 | -44.2% | -32.6% |
| 2023 | +68.2% | +54.9% |
| 2024 | +43.4% | +25.6% |
| 2025 | +66.7% | +20.8% |
| 2026 | +12.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVMI and QQQ good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NVMI and QQQ?
As of 2026-08-27, the correlation of weekly returns between NVMI and QQQ is 0.60 over 3 years, 0.54 over 1 year and 0.62 over 5 years.
Is QQQ a good diversifier for NVMI?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 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: NVMI correlations · QQQ correlations
