NVO vs QQQ: Correlation
How closely do Novo Nordisk A/S (NVO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVO and QQQ?
Over the past 3 years, NVO and QQQ moved with a correlation of 0.29, which is weak. Recent behaviour matches the longer record: 0.26 over 1 year against 0.29 over 3. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 263.7 %².
Among the 12 assets we track against NVO, QQQ sits near the bottom by co-movement, at rank #8. The last year tells two different stories: QQQ led by 40.2 percentage points, -13.9% for NVO against +26.3% for QQQ. Note the risk asymmetry: NVO 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.
NVO vs QQQ: side by side
| NVO (Novo Nordisk A/S) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -13.9% | +26.3% |
| 5-year return | +1.3% | +95.4% |
| Volatility (ann.) | 45.9% | 19.6% |
| Beta vs S&P 500 | 1.06 | 1.28 |
| Max drawdown (3Y) | -74.7% | -22.8% |
| Market cap | $204.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 24.79% | 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 | NVO | QQQ |
|---|---|---|
| 2022 | +22.7% | -32.6% |
| 2023 | +54.8% | +54.9% |
| 2024 | -15.9% | +25.6% |
| 2025 | -39.2% | +20.8% |
| 2026 | -4.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVO and QQQ good diversifiers for each other?
Reasonably. At 0.29, NVO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVO and QQQ?
As of 2026-08-27, the correlation of weekly returns between NVO and QQQ is 0.29 over 3 years, 0.26 over 1 year and 0.26 over 5 years.
Is QQQ a good diversifier for NVO?
Reasonably. At 0.29, NVO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 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: NVO correlations · QQQ correlations
