DIOD vs FNGD: Correlation
How closely do Diodes Incorporated (DIOD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIOD and FNGD?
On 3 years of weekly data the DIOD/FNGD correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.41 over 3. The 5-year figure is -0.48, and annualized covariance runs at -1545.9 %².
FNGD is close to the least connected end of DIOD's tracked universe, ranking #24 of 25. Correlation aside, the last 12 months split them widely, with DIOD ahead by 117.4 points (+61.7% versus -55.7%). Risk is not evenly split, since FNGD carries 1.5 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.
DIOD vs FNGD: side by side
| DIOD (Diodes Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +61.7% | -55.7% |
| 5-year return | -7.4% | -99.4% |
| Volatility (ann.) | 50.3% | 75.7% |
| Beta vs S&P 500 | 1.84 | -4.54 |
| Max drawdown (3Y) | -60.1% | -97.6% |
| Market cap | $4.2B | – |
| P/E (trailing) | 48.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DIOD | FNGD |
|---|---|---|
| 2022 | -30.7% | +52.2% |
| 2023 | +5.8% | -90.1% |
| 2024 | -23.4% | -76.6% |
| 2025 | -20.0% | -61.4% |
| 2026 | +84.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIOD and FNGD good diversifiers for each other?
Yes. With a correlation of -0.41, DIOD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DIOD and FNGD?
The DIOD/FNGD correlation stands at -0.41 on a 3-year window (1 year: -0.41, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DIOD?
Yes. With a correlation of -0.41, DIOD and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/diod-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/diod-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIOD correlations · FNGD correlations
