FNGD vs QBTS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and D-Wave Quantum Inc. (QBTS) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QBTS?
On 3 years of weekly data the FNGD/QBTS correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.30). The 5-year figure is -0.26, and annualized covariance runs at -3238.5 %².
Among the 1743 assets we track against FNGD, QBTS ranks #858 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QBTS ahead by 73.2 points (-55.7% versus +17.5%). Risk is not evenly split, since QBTS carries 1.9 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 QBTS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QBTS (D-Wave Quantum Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +17.5% |
| 5-year return | -99.4% | +84.0% |
| Volatility (ann.) | 75.7% | 143.4% |
| Beta vs S&P 500 | -4.54 | 2.86 |
| Max drawdown (3Y) | -97.6% | -71.0% |
| Market cap | – | $6.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | QBTS |
|---|---|---|
| 2022 | +52.2% | -85.3% |
| 2023 | -90.1% | -38.9% |
| 2024 | -76.6% | +854.5% |
| 2025 | -61.4% | +211.3% |
| 2026 | -49.5% | -31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QBTS good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and QBTS?
As of 2026-08-27, the correlation of weekly returns between FNGD and QBTS is -0.30 over 3 years, -0.43 over 1 year and -0.26 over 5 years.
Is QBTS a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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-qbts.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-qbts/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · QBTS correlations
