FNGD vs JQC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nuveen Credit Strategies Income Fund Shares of Beneficial (JQC) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JQC?
Over the past 3 years, FNGD and JQC moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -350.4 %².
By 3-year correlation, JQC places #1420 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months JQC outperformed by 53.4 percentage points (-55.7% for FNGD against -2.3% for JQC). Risk is not evenly split, since FNGD carries 6.8 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.
FNGD vs JQC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JQC (Nuveen Credit Strategies Income Fund Shares of Beneficial) | |
|---|---|---|
| 1-year return | -55.7% | -2.3% |
| 5-year return | -99.4% | +26.7% |
| Volatility (ann.) | 75.7% | 11.1% |
| Beta vs S&P 500 | -4.54 | 0.41 |
| Max drawdown (3Y) | -97.6% | -15.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 16.9 |
| Dividend yield | 0.00% | 13.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JQC |
|---|---|---|
| 2022 | +52.2% | -14.2% |
| 2023 | -90.1% | +15.4% |
| 2024 | -76.6% | +22.3% |
| 2025 | -61.4% | -0.4% |
| 2026 | -49.5% | +2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JQC good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and JQC?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.38 over the last year and -0.39 over 5 years.
Is JQC a good diversifier for FNGD?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-jqc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-jqc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JQC correlations
