FNGD vs QCOM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Qualcomm (QCOM) show a negative relationship: their 3-year correlation of weekly returns is -0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QCOM?
Across a 3-year window, the weekly returns of FNGD and QCOM correlate at -0.60, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.57 over 1 year against -0.60 over 3. Stretching to 5 years gives -0.60, with an annualized covariance of -1917.1 %².
Among the 1743 assets we track against FNGD, QCOM ranks #1674 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QCOM outperformed by 61.0 percentage points (-55.7% for FNGD against +5.3% for QCOM). Risk is not evenly split, since FNGD carries 1.8 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 QCOM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QCOM (Qualcomm) | |
|---|---|---|
| 1-year return | -55.7% | +5.3% |
| 5-year return | -99.4% | +25.8% |
| Volatility (ann.) | 75.7% | 42.4% |
| Beta vs S&P 500 | -4.54 | 1.77 |
| Max drawdown (3Y) | -97.6% | -44.2% |
| Market cap | – | $176.0B |
| P/E (trailing) | 20.6 | 18.9 |
| Dividend yield | 0.00% | 2.19% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | QCOM |
|---|---|---|
| 2022 | +52.2% | -38.6% |
| 2023 | -90.1% | +35.1% |
| 2024 | -76.6% | +8.3% |
| 2025 | -61.4% | +13.8% |
| 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 QCOM good diversifiers for each other?
By historical standards, yes. A correlation of -0.60 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and QCOM?
Using weekly returns as of 2026-08-27: -0.60 over 3 years, with -0.57 over the last year and -0.60 over 5 years.
Is QCOM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.60 means the two rarely move for the same reasons.
What does a correlation of -0.60 mean?
A reading of -0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · QCOM correlations
