QQQX vs TSLA: Correlation
Measured on weekly returns over the past three years, Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) and Tesla, Inc. (TSLA) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQX and TSLA?
Across a 3-year window, the weekly returns of QQQX and TSLA correlate at 0.52, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 503.6 %².
Among the 20 assets we track against QQQX, TSLA ranks #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQX ahead by 22.9 points (+24.4% versus +1.5%). One caveat on sizing: TSLA is 3.0 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.
QQQX vs TSLA: side by side
| QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | TSLA (Tesla, Inc.) | |
|---|---|---|
| 1-year return | +24.4% | +1.5% |
| 5-year return | +51.0% | +45.6% |
| Volatility (ann.) | 18.1% | 53.9% |
| Beta vs S&P 500 | 1.09 | 1.87 |
| Max drawdown (3Y) | -22.8% | -53.8% |
| Market cap | $1.5B | $1,401.3B |
| P/E (trailing) | 8.1 | 322.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | QQQX | TSLA |
|---|---|---|
| 2022 | -27.4% | -65.0% |
| 2023 | +21.7% | +101.7% |
| 2024 | +25.6% | +62.5% |
| 2025 | +14.9% | +11.4% |
| 2026 | +13.1% | -21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQX and TSLA good diversifiers for each other?
Only partially. A correlation of 0.52 means QQQX and TSLA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between QQQX and TSLA?
The QQQX/TSLA correlation stands at 0.52 on a 3-year window (1 year: 0.52, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is TSLA a good diversifier for QQQX?
Only partially. A correlation of 0.52 means QQQX and TSLA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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.
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Related comparisons
Hubs: QQQX correlations · TSLA correlations
