QQQ vs SMR: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and NuScale Power Corporation (SMR) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SMR?
Across a 3-year window, the weekly returns of QQQ and SMR correlate at 0.37, moderate. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.37). Stretching to 5 years gives 0.30, with an annualized covariance of 869.4 %².
Among the 4755 assets we track against QQQ, SMR ranks #871 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 98.6 percentage points (+26.3% for QQQ against -72.3% for SMR). One caveat on sizing: SMR is 6.1 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.
QQQ vs SMR: side by side
| QQQ (Invesco QQQ Trust) | SMR (NuScale Power Corporation) | |
|---|---|---|
| 1-year return | +26.3% | -72.3% |
| 5-year return | +95.4% | -3.2% |
| Volatility (ann.) | 19.6% | 119.8% |
| Beta vs S&P 500 | 1.28 | 3.28 |
| Max drawdown (3Y) | -22.8% | -85.8% |
| Market cap | – | $4.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | SMR |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | -67.9% |
| 2024 | +25.6% | +445.0% |
| 2025 | +20.8% | -21.0% |
| 2026 | +17.7% | -31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SMR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and SMR?
The QQQ/SMR correlation stands at 0.37 on a 3-year window (1 year: 0.58, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SMR a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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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Hubs: QQQ correlations · SMR correlations
