DAL vs FNGD: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and FNGD?
Across a 3-year window, the weekly returns of DAL and FNGD correlate at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.29). Stretching to 5 years gives -0.34, with an annualized covariance of -811.7 %².
Among the 33 assets we track against DAL, FNGD sits near the bottom by co-movement, at rank #30. Correlation aside, the last 12 months split them widely, with DAL ahead by 89.6 points (+33.9% versus -55.7%). Note the risk asymmetry: FNGD runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DAL vs FNGD: side by side
| DAL (Delta Air Lines) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +33.9% | -55.7% |
| 5-year return | +110.6% | -99.4% |
| Volatility (ann.) | 37.1% | 75.7% |
| Beta vs S&P 500 | 1.17 | -4.54 |
| Max drawdown (3Y) | -47.9% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | 20.6 |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DAL | FNGD |
|---|---|---|
| 2022 | -15.9% | +52.2% |
| 2023 | +23.0% | -90.1% |
| 2024 | +52.0% | -76.6% |
| 2025 | +16.1% | -61.4% |
| 2026 | +17.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and FNGD good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DAL and FNGD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.08 over the last year and -0.34 over 5 years.
Is FNGD a good diversifier for DAL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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.
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Related comparisons
Hubs: DAL correlations · FNGD correlations
