FNGD vs IQV: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IQVIA (IQV) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IQV?
Across a 3-year window, the weekly returns of FNGD and IQV correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -658.6 %².
By 3-year correlation, IQV places #251 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IQV ahead by 94.7 points (-55.7% versus +39.0%). Note the risk asymmetry: FNGD runs 2.0 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 IQV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IQV (IQVIA) | |
|---|---|---|
| 1-year return | -55.7% | +39.0% |
| 5-year return | -99.4% | +0.3% |
| Volatility (ann.) | 75.7% | 37.9% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -47.1% |
| Market cap | – | $43.2B |
| P/E (trailing) | 20.6 | 32.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | IQV |
|---|---|---|
| 2022 | +52.2% | -27.4% |
| 2023 | -90.1% | +12.9% |
| 2024 | -76.6% | -15.1% |
| 2025 | -61.4% | +14.7% |
| 2026 | -49.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IQV good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IQV?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.24 over the last year and -0.36 over 5 years.
Is IQV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-iqv.json
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[](https://www.pairbook.io/pair/fngd-vs-iqv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IQV correlations
