FNGD vs LQDT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Liquidity Services, Inc. (LQDT) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LQDT?
Over the past 3 years, FNGD and LQDT moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -864.9 %².
Within FNGD's tracked universe of 1743 assets, LQDT comes in at #431 by 3-year correlation. The last year tells two different stories: LQDT led by 114.7 percentage points, -55.7% for FNGD against +59.0% for LQDT. Risk is not evenly split, since FNGD carries 1.7 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 LQDT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LQDT (Liquidity Services, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +59.0% |
| 5-year return | -99.4% | +66.3% |
| Volatility (ann.) | 75.7% | 44.8% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -41.1% |
| Market cap | – | $1.3B |
| P/E (trailing) | 20.6 | 41.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LQDT |
|---|---|---|
| 2022 | +52.2% | -36.3% |
| 2023 | -90.1% | +22.4% |
| 2024 | -76.6% | +87.6% |
| 2025 | -61.4% | -6.1% |
| 2026 | -49.5% | +37.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LQDT good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and LQDT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LQDT?
As of 2026-08-27, the correlation of weekly returns between FNGD and LQDT is -0.25 over 3 years, -0.20 over 1 year and -0.29 over 5 years.
Is LQDT a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and LQDT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-lqdt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lqdt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · LQDT correlations
