FNGD vs QUAL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of -0.80, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and QUAL?
On 3 years of weekly data the FNGD/QUAL correlation comes out at -0.80, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.67 versus -0.80 over 3 years. The 5-year figure is -0.80, and annualized covariance runs at -849.3 %².
By 3-year correlation, QUAL places #1726 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with QUAL ahead by 75.4 points (-55.7% versus +19.7%). Risk is not evenly split, since FNGD carries 5.4 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 QUAL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -55.7% | +19.7% |
| 5-year return | -99.4% | +68.0% |
| Volatility (ann.) | 75.7% | 14.0% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -18.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | FNGD | QUAL |
|---|---|---|
| 2022 | +52.2% | -20.5% |
| 2023 | -90.1% | +30.9% |
| 2024 | -76.6% | +22.3% |
| 2025 | -61.4% | +12.7% |
| 2026 | -49.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and QUAL good diversifiers for each other?
By historical standards, yes. A correlation of -0.80 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and QUAL?
Using weekly returns as of 2026-08-27: -0.80 over 3 years, with -0.67 over the last year and -0.80 over 5 years.
Is QUAL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.80 means the two rarely move for the same reasons.
What does a correlation of -0.80 mean?
A reading of -0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · QUAL correlations
