COF vs FNGD: Correlation
How closely do Capital One (COF) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COF and FNGD?
Across a 3-year window, the weekly returns of COF and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.40 over 1 year against -0.43 over 3. Stretching to 5 years gives -0.46, with an annualized covariance of -1005.9 %².
FNGD is close to the least connected end of COF's tracked universe, ranking #27 of 29. The last year tells two different stories: COF led by 53.7 percentage points, -2.0% for COF against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.5 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.
COF vs FNGD: side by side
| COF (Capital One) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -2.0% | -55.7% |
| 5-year return | +43.2% | -99.4% |
| Volatility (ann.) | 30.6% | 75.7% |
| Beta vs S&P 500 | 1.28 | -4.54 |
| Max drawdown (3Y) | -31.5% | -97.6% |
| Market cap | $132.9B | – |
| P/E (trailing) | 12.0 | 20.6 |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | COF | FNGD |
|---|---|---|
| 2022 | -34.6% | +52.2% |
| 2023 | +44.3% | -90.1% |
| 2024 | +38.2% | -76.6% |
| 2025 | +37.6% | -61.4% |
| 2026 | -9.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COF and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between COF and FNGD?
The COF/FNGD correlation stands at -0.43 on a 3-year window (1 year: -0.40, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for COF?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/cof-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cof-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COF correlations · FNGD correlations
