ARQQ vs FNGD: Correlation
Measured on weekly returns over the past three years, Arqit Quantum Inc. (ARQQ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARQQ and FNGD?
Over the past 3 years, ARQQ and FNGD moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.46 versus -0.33 over 3 years. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -3371.0 %².
FNGD is close to the least connected end of ARQQ's tracked universe, ranking #16 of 16. Their recent paths diverged sharply: over the last 12 months ARQQ outperformed by 26.3 percentage points (-29.4% for ARQQ against -55.7% for FNGD). Risk is not evenly split, since ARQQ carries 1.8 times the volatility of the other side.
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.
ARQQ vs FNGD: side by side
| ARQQ (Arqit Quantum Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -29.4% | -55.7% |
| 5-year return | -91.4% | -99.4% |
| Volatility (ann.) | 135.6% | 75.7% |
| Beta vs S&P 500 | 3.18 | -4.54 |
| Max drawdown (3Y) | -86.7% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARQQ | FNGD |
|---|---|---|
| 2022 | -84.9% | +52.2% |
| 2023 | -86.9% | -90.1% |
| 2024 | +227.8% | -76.6% |
| 2025 | -43.7% | -61.4% |
| 2026 | -1.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARQQ and FNGD good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARQQ and FNGD?
As of 2026-08-27, the correlation of weekly returns between ARQQ and FNGD is -0.33 over 3 years, -0.46 over 1 year and -0.29 over 5 years.
Is FNGD a good diversifier for ARQQ?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arqq-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arqq-vs-fngd/)
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Related comparisons
Hubs: ARQQ correlations · FNGD correlations
