NXE vs QQQ: Correlation
Nexgen Energy Ltd. (NXE) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXE and QQQ?
On 3 years of weekly data the NXE/QQQ correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.43). The 5-year figure is 0.41, and annualized covariance runs at 430.4 %².
QQQ is close to the least connected end of NXE's tracked universe, ranking #13 of 17. Correlation aside, the last 12 months split them widely, with NXE ahead by 28.3 points (+54.6% versus +26.3%). One caveat on sizing: NXE is 2.6 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.
NXE vs QQQ: side by side
| NXE (Nexgen Energy Ltd.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +54.6% | +26.3% |
| 5-year return | +144.9% | +95.4% |
| Volatility (ann.) | 50.8% | 19.6% |
| Beta vs S&P 500 | 1.48 | 1.28 |
| Max drawdown (3Y) | -54.3% | -22.8% |
| Market cap | $7.5B | – |
| 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 | NXE | QQQ |
|---|---|---|
| 2022 | +1.4% | -32.6% |
| 2023 | +58.0% | +54.9% |
| 2024 | -5.7% | +25.6% |
| 2025 | +39.4% | +20.8% |
| 2026 | +21.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXE and QQQ good diversifiers for each other?
Reasonably. At 0.43, NXE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NXE and QQQ?
The NXE/QQQ correlation stands at 0.43 on a 3-year window (1 year: 0.55, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for NXE?
Reasonably. At 0.43, NXE and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nxe-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxe-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXE correlations · QQQ correlations
