FNGD vs RQI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Cohen & Steers Quality Income Realty Fund Inc (RQI) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and RQI?
Over the past 3 years, FNGD and RQI moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.22). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -358.6 %².
Among the 1743 assets we track against FNGD, RQI ranks #196 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RQI ahead by 64.3 points (-55.7% versus +8.6%). Risk is not evenly split, since FNGD carries 3.5 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 RQI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | RQI (Cohen & Steers Quality Income Realty Fund Inc) | |
|---|---|---|
| 1-year return | -55.7% | +8.6% |
| 5-year return | -99.4% | +16.3% |
| Volatility (ann.) | 75.7% | 21.6% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -21.0% |
| Market cap | – | $1.7B |
| P/E (trailing) | 20.6 | 35.2 |
| Dividend yield | 0.00% | 7.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | RQI |
|---|---|---|
| 2022 | +52.2% | -31.1% |
| 2023 | -90.1% | +15.7% |
| 2024 | -76.6% | +8.0% |
| 2025 | -61.4% | +2.1% |
| 2026 | -49.5% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and RQI good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and RQI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and RQI?
As of 2026-08-27, the correlation of weekly returns between FNGD and RQI is -0.22 over 3 years, -0.10 over 1 year and -0.38 over 5 years.
Is RQI a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and RQI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-rqi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-rqi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · RQI correlations
