NVX vs QQQ: Correlation
Measured on weekly returns over the past three years, NOVONIX Limited - American Depository Shares (NVX) and Invesco QQQ Trust (QQQ) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVX and QQQ?
Across a 3-year window, the weekly returns of NVX and QQQ correlate at 0.15, weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 286.1 %².
Among the 15 assets we track against NVX, QQQ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 101.7 percentage points (-75.4% for NVX against +26.3% for QQQ). Risk is not evenly split, since NVX carries 4.9 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.
NVX vs QQQ: side by side
| NVX (NOVONIX Limited - American Depository Shares) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -75.4% | +26.3% |
| 5-year return | -98.4% | +95.4% |
| Volatility (ann.) | 96.1% | 19.6% |
| Beta vs S&P 500 | 1.02 | 1.28 |
| Max drawdown (3Y) | -88.4% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | NVX | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | -52.7% | +54.9% |
| 2024 | -7.2% | +25.6% |
| 2025 | -43.9% | +20.8% |
| 2026 | -64.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVX and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVX and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.17 over the last year and 0.29 over 5 years.
Is QQQ a good diversifier for NVX?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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/nvx-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nvx-vs-qqq/)
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Related comparisons
Hubs: NVX correlations · QQQ correlations
