FNGD vs GLQ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Clough Global Equity Fund (GLQ) show a negative relationship: their 3-year correlation of weekly returns is -0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLQ?
Over the past 3 years, FNGD and GLQ moved with a correlation of -0.72, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.63 lands near the 3-year figure. Over 5 years the correlation is -0.61, and the annualized covariance of weekly returns is -906.6 %².
Among the 1743 assets we track against FNGD, GLQ ranks #1709 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GLQ outperformed by 77.3 percentage points (-55.7% for FNGD against +21.6% for GLQ). Risk is not evenly split, since FNGD carries 4.6 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.
FNGD vs GLQ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLQ (Clough Global Equity Fund) | |
|---|---|---|
| 1-year return | -55.7% | +21.6% |
| 5-year return | -99.4% | -3.8% |
| Volatility (ann.) | 75.7% | 16.6% |
| Beta vs S&P 500 | -4.54 | 1.00 |
| Max drawdown (3Y) | -97.6% | -19.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 2.7 |
| Dividend yield | 0.00% | 9.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLQ |
|---|---|---|
| 2022 | +52.2% | -42.3% |
| 2023 | -90.1% | +2.8% |
| 2024 | -76.6% | +25.2% |
| 2025 | -61.4% | +28.5% |
| 2026 | -49.5% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLQ good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GLQ?
Using weekly returns as of 2026-08-27: -0.72 over 3 years, with -0.63 over the last year and -0.61 over 5 years.
Is GLQ a good diversifier for FNGD?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: FNGD correlations · GLQ correlations
