DIA vs FNGD: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.62, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and FNGD?
Over the past 3 years, DIA and FNGD moved with a correlation of -0.62, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.53 lands near the 3-year figure. Over 5 years the correlation is -0.63, and the annualized covariance of weekly returns is -609.9 %².
Out of 116 assets tracked against DIA, FNGD lands near the bottom at #114. Their recent paths diverged sharply: over the last 12 months DIA outperformed by 74.9 percentage points (+19.2% for DIA against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 5.8 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.
DIA vs FNGD: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +19.2% | -55.7% |
| 5-year return | +64.8% | -99.4% |
| Volatility (ann.) | 13.0% | 75.7% |
| Beta vs S&P 500 | 0.79 | -4.54 |
| Max drawdown (3Y) | -16.0% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.37% | 0.00% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
DIA is a Large Value fund from State Street Investment Management: $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | FNGD |
|---|---|---|
| 2022 | -7.0% | +52.2% |
| 2023 | +16.0% | -90.1% |
| 2024 | +14.8% | -76.6% |
| 2025 | +14.7% | -61.4% |
| 2026 | +12.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.62, DIA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DIA and FNGD?
As of 2026-08-27, the correlation of weekly returns between DIA and FNGD is -0.62 over 3 years, -0.53 over 1 year and -0.63 over 5 years.
Is FNGD a good diversifier for DIA?
Yes. With a correlation of -0.62, DIA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.62 mean?
On the −1 to +1 scale, -0.62 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/dia-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dia-vs-fngd/)
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Related comparisons
Hubs: DIA correlations · FNGD correlations
