NXST vs QQQ: Correlation
Measured on weekly returns over the past three years, Nexstar Media Group, Inc. (NXST) and Invesco QQQ Trust (QQQ) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXST and QQQ?
Across a 3-year window, the weekly returns of NXST and QQQ correlate at 0.14, weak. The link has loosened recently: the 1-year correlation (-0.06) runs below the 3-year figure (0.14). Stretching to 5 years gives 0.29, with an annualized covariance of 90.3 %².
QQQ is close to the least connected end of NXST's tracked universe, ranking #10 of 13. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 35.8 percentage points (-9.5% for NXST against +26.3% for QQQ). Note the risk asymmetry: NXST runs 1.7 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.
NXST vs QQQ: side by side
| NXST (Nexstar Media Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -9.5% | +26.3% |
| 5-year return | +43.6% | +95.4% |
| Volatility (ann.) | 33.2% | 19.6% |
| Beta vs S&P 500 | 0.63 | 1.28 |
| Max drawdown (3Y) | -38.4% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 35.1 | – |
| Dividend yield | 4.01% | 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 | NXST | QQQ |
|---|---|---|
| 2022 | +18.4% | -32.6% |
| 2023 | -7.5% | +54.9% |
| 2024 | +5.0% | +25.6% |
| 2025 | +34.0% | +20.8% |
| 2026 | -9.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXST and QQQ good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NXST and QQQ?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.06 over the last year and 0.29 over 5 years.
Is QQQ a good diversifier for NXST?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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/nxst-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nxst-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXST correlations · QQQ correlations
