NWE vs QQQ: Correlation
NorthWestern Energy Group, Inc. (NWE) and Invesco QQQ Trust (QQQ) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWE and QQQ?
On 3 years of weekly data the NWE/QQQ correlation comes out at 0.04, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. The 5-year figure is 0.13, and annualized covariance runs at 15.2 %².
Among the 13 assets we track against NWE, QQQ sits near the bottom by co-movement, at rank #10. Neither side won the trailing year by much: +28.5% against +26.3%.
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.
NWE vs QQQ: side by side
| NWE (NorthWestern Energy Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +28.5% | +26.3% |
| 5-year return | +41.5% | +95.4% |
| Volatility (ann.) | 20.9% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -13.6% | -22.8% |
| Market cap | $4.4B | – |
| P/E (trailing) | 25.6 | – |
| Dividend yield | 3.72% | 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 | NWE | QQQ |
|---|---|---|
| 2022 | +8.5% | -32.6% |
| 2023 | -10.1% | +54.9% |
| 2024 | +10.5% | +25.6% |
| 2025 | +26.4% | +20.8% |
| 2026 | +13.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWE and QQQ good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWE and QQQ?
As of 2026-08-27, the correlation of weekly returns between NWE and QQQ is 0.04 over 3 years, 0.08 over 1 year and 0.13 over 5 years.
Is QQQ a good diversifier for NWE?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NWE correlations · QQQ correlations
