FNGD vs VKQ: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco Municipal Trust (VKQ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VKQ?
Across a 3-year window, the weekly returns of FNGD and VKQ correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.53) than the 3-year average (-0.24). Stretching to 5 years gives -0.34, with an annualized covariance of -216.4 %².
Among the 1743 assets we track against FNGD, VKQ ranks #378 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VKQ ahead by 71.6 points (-55.7% versus +15.9%). Risk is not evenly split, since FNGD carries 6.5 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 VKQ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VKQ (Invesco Municipal Trust) | |
|---|---|---|
| 1-year return | -55.7% | +15.9% |
| 5-year return | -99.4% | -4.8% |
| Volatility (ann.) | 75.7% | 11.7% |
| Beta vs S&P 500 | -4.54 | 0.30 |
| Max drawdown (3Y) | -97.6% | -11.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 32.7 |
| Dividend yield | 0.00% | 7.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VKQ |
|---|---|---|
| 2022 | +52.2% | -22.3% |
| 2023 | -90.1% | +0.9% |
| 2024 | -76.6% | +9.7% |
| 2025 | -61.4% | +6.5% |
| 2026 | -49.5% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VKQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and VKQ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.53 over the last year and -0.34 over 5 years.
Is VKQ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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-vkq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-vkq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VKQ correlations
