FNGD vs QQQM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of -0.93, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QQQM?
Over the past 3 years, FNGD and QQQM moved with a correlation of -0.93, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.90) sits close to the 3-year figure. Over 5 years the correlation is -0.92, and the annualized covariance of weekly returns is -1367.8 %².
Among the 1743 assets we track against FNGD, QQQM sits near the bottom by co-movement, at rank #1740. Their recent paths diverged sharply: over the last 12 months QQQM outperformed by 82.1 percentage points (-55.7% for FNGD against +26.4% for QQQM). Note the risk asymmetry: FNGD runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QQQM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | -55.7% | +26.4% |
| 5-year return | -99.4% | +96.1% |
| Volatility (ann.) | 75.7% | 19.5% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -22.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | FNGD | QQQM |
|---|---|---|
| 2022 | +52.2% | -32.5% |
| 2023 | -90.1% | +55.0% |
| 2024 | -76.6% | +25.7% |
| 2025 | -61.4% | +20.9% |
| 2026 | -49.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QQQM good diversifiers for each other?
Yes: at -0.93, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and QQQM?
The FNGD/QQQM correlation stands at -0.93 on a 3-year window (1 year: -0.90, 5 years: -0.92), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for FNGD?
Yes: at -0.93, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.93 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FNGD correlations · QQQM correlations
