FNGD vs QRVO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Qorvo, Inc. (QRVO) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QRVO?
On 3 years of weekly data the FNGD/QRVO correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.40). The 5-year figure is -0.49, and annualized covariance runs at -1257.7 %².
Within FNGD's tracked universe of 1743 assets, QRVO comes in at #1368 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QRVO outperformed by 60.3 percentage points (-55.7% for FNGD against +4.6% for QRVO). One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QRVO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QRVO (Qorvo, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +4.6% |
| 5-year return | -99.4% | -49.6% |
| Volatility (ann.) | 75.7% | 41.4% |
| Beta vs S&P 500 | -4.54 | 1.53 |
| Max drawdown (3Y) | -97.6% | -60.7% |
| Market cap | – | $8.5B |
| P/E (trailing) | 20.6 | 22.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | QRVO |
|---|---|---|
| 2022 | +52.2% | -42.0% |
| 2023 | -90.1% | +24.2% |
| 2024 | -76.6% | -37.9% |
| 2025 | -61.4% | +20.8% |
| 2026 | -49.5% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QRVO good diversifiers for each other?
Yes. With a correlation of -0.40, FNGD and QRVO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and QRVO?
The FNGD/QRVO correlation stands at -0.40 on a 3-year window (1 year: -0.26, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is QRVO a good diversifier for FNGD?
Yes. With a correlation of -0.40, FNGD and QRVO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-qrvo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-qrvo/)
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Related comparisons
Hubs: FNGD correlations · QRVO correlations
