DAN vs FNGD: Correlation
Measured on weekly returns over the past three years, Dana Incorporated (DAN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAN and FNGD?
On 3 years of weekly data the DAN/FNGD correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.02 versus -0.23 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -781.9 %².
FNGD is close to the least connected end of DAN's tracked universe, ranking #8 of 10. The last year tells two different stories: DAN led by 104.6 percentage points, +48.9% for DAN against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 1.7 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.
DAN vs FNGD: side by side
| DAN (Dana Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +48.9% | -55.7% |
| 5-year return | +45.6% | -99.4% |
| Volatility (ann.) | 44.7% | 75.7% |
| Beta vs S&P 500 | 1.11 | -4.54 |
| Max drawdown (3Y) | -51.8% | -97.6% |
| Market cap | $3.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.46% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAN | FNGD |
|---|---|---|
| 2022 | -32.1% | +52.2% |
| 2023 | -0.7% | -90.1% |
| 2024 | -17.9% | -76.6% |
| 2025 | +110.5% | -61.4% |
| 2026 | +28.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAN and FNGD good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DAN and FNGD?
The DAN/FNGD correlation stands at -0.23 on a 3-year window (1 year: -0.02, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DAN?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/dan-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dan-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DAN correlations · FNGD correlations
