FNGD vs QNST: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and QuinStreet, Inc. (QNST) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QNST?
Over the past 3 years, FNGD and QNST moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.48) than the 3-year average (-0.32). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -1177.2 %².
By 3-year correlation, QNST places #982 of the 1743 assets tracked against FNGD. The last year tells two different stories: QNST led by 77.1 percentage points, -55.7% for FNGD against +21.4% for QNST. Risk is not evenly split, since FNGD carries 1.6 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 QNST: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QNST (QuinStreet, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +21.4% |
| 5-year return | -99.4% | +6.2% |
| Volatility (ann.) | 75.7% | 47.9% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -58.0% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | 14.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | QNST |
|---|---|---|
| 2022 | +52.2% | -21.1% |
| 2023 | -90.1% | -10.7% |
| 2024 | -76.6% | +80.0% |
| 2025 | -61.4% | -37.7% |
| 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 QNST good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and QNST?
The FNGD/QNST correlation stands at -0.32 on a 3-year window (1 year: -0.48, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is QNST a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-qnst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-qnst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · QNST correlations
