In this article, a study is done on the dynamic exchange‐correlation effects on Coulomb drag in coupled electron–electron (e–e) and electron–hole (e–h) nanowires fabricated on ‐based heterostructures. The drag rate is calculated over a wide range of temperature (T), particle number density parameter (), and inter‐wire separation (d) using the dynamic mean‐field theory of Hasegawa and Shimizu, known as the qSTLS theory. It is found that at a fixed T, the drag rate increases with an increase (or decrease) in (or d) and exhibits a peaked structure at sufficiently high T for both the coupled systems. The formation of peak in drag rate is explained by showing the variation of drag intensity function and dynamic local‐fields with T and . As anticipated, the drag is higher for the e–h nanowire system as compared to the e–e system due to stronger particle correlations in the former. It is asserted that the dynamics of particle correlations is crucial and more conspicuous at higher , leading to a significant reduction in drag compared to the STLS theory. Finally, the plasmon dispersion of both systems is reported and it is noted that there exist four plasma modes — two optic and two acoustic, and the energy of all modes shows a consistent blue shift with rise in T. However, as d is decreased, the uppermost optic and acoustic plasma modes seem to repel each other, while they gain in energy with an increase in in each of the coupled system.