FNGD vs QTWO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Q2 Holdings, Inc. (QTWO) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QTWO?
On 3 years of weekly data the FNGD/QTWO correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.22) than the 3-year average (-0.41). The 5-year figure is -0.48, and annualized covariance runs at -1291.2 %².
Among the 1743 assets we track against FNGD, QTWO ranks #1393 by 3-year correlation. The last year tells two different stories: QTWO led by 39.7 percentage points, -55.7% for FNGD against -16.0% for QTWO. 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 QTWO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QTWO (Q2 Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -16.0% |
| 5-year return | -99.4% | -24.7% |
| Volatility (ann.) | 75.7% | 41.9% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -62.0% |
| Market cap | – | $4.1B |
| P/E (trailing) | 20.6 | 45.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | QTWO |
|---|---|---|
| 2022 | +52.2% | -66.2% |
| 2023 | -90.1% | +61.6% |
| 2024 | -76.6% | +131.9% |
| 2025 | -61.4% | -28.3% |
| 2026 | -49.5% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QTWO good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and QTWO?
As of 2026-08-27, the correlation of weekly returns between FNGD and QTWO is -0.41 over 3 years, -0.22 over 1 year and -0.48 over 5 years.
Is QTWO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 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-qtwo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-qtwo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · QTWO correlations
