FNGD vs IQI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco Quality Municipal Income Trust (IQI) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IQI?
Across a 3-year window, the weekly returns of FNGD and IQI correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.27 over 3 years. Stretching to 5 years gives -0.33, with an annualized covariance of -244.0 %².
Within FNGD's tracked universe of 1743 assets, IQI comes in at #603 by 3-year correlation. The last year tells two different stories: IQI led by 72.4 percentage points, -55.7% for FNGD against +16.7% for IQI. Note the risk asymmetry: FNGD runs 6.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IQI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IQI (Invesco Quality Municipal Income Trust) | |
|---|---|---|
| 1-year return | -55.7% | +16.7% |
| 5-year return | -99.4% | +1.1% |
| Volatility (ann.) | 75.7% | 11.8% |
| Beta vs S&P 500 | -4.54 | 0.31 |
| Max drawdown (3Y) | -97.6% | -11.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 29.9 |
| Dividend yield | 0.00% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IQI |
|---|---|---|
| 2022 | +52.2% | -26.9% |
| 2023 | -90.1% | +5.9% |
| 2024 | -76.6% | +10.5% |
| 2025 | -61.4% | +9.2% |
| 2026 | -49.5% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IQI good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IQI?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.50 over the last year and -0.33 over 5 years.
Is IQI a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/fngd-vs-iqi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-iqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IQI correlations
