FNGD vs QS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and QuantumScape Corporation (QS) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QS?
Across a 3-year window, the weekly returns of FNGD and QS correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.26). Stretching to 5 years gives -0.39, with an annualized covariance of -1805.6 %².
Among the 1743 assets we track against FNGD, QS ranks #529 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QS ahead by 29.1 points (-55.7% versus -26.6%).
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 QS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QS (QuantumScape Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -26.6% |
| 5-year return | -99.4% | -72.4% |
| Volatility (ann.) | 75.7% | 90.7% |
| Beta vs S&P 500 | -4.54 | 2.17 |
| Max drawdown (3Y) | -97.6% | -73.5% |
| Market cap | – | $3.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | QS |
|---|---|---|
| 2022 | +52.2% | -74.4% |
| 2023 | -90.1% | +22.6% |
| 2024 | -76.6% | -25.3% |
| 2025 | -61.4% | +100.8% |
| 2026 | -49.5% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QS good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and QS?
The FNGD/QS correlation stands at -0.26 on a 3-year window (1 year: -0.54, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is QS a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: FNGD correlations · QS correlations
