DNN vs FNGD: Correlation
Denison Mines Corp (DNN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNN and FNGD?
On 3 years of weekly data the DNN/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.34). The 5-year figure is -0.34, and annualized covariance runs at -1423.9 %².
FNGD is close to the least connected end of DNN's tracked universe, ranking #18 of 19. Correlation aside, the last 12 months split them widely, with DNN ahead by 124.8 points (+69.1% versus -55.7%).
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.
DNN vs FNGD: side by side
| DNN (Denison Mines Corp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +69.1% | -55.7% |
| 5-year return | +211.0% | -99.4% |
| Volatility (ann.) | 55.6% | 75.7% |
| Beta vs S&P 500 | 1.35 | -4.54 |
| Max drawdown (3Y) | -52.5% | -97.6% |
| Market cap | $3.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNN | FNGD |
|---|---|---|
| 2022 | -16.1% | +52.2% |
| 2023 | +53.9% | -90.1% |
| 2024 | +1.7% | -76.6% |
| 2025 | +47.8% | -61.4% |
| 2026 | +38.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNN and FNGD good diversifiers for each other?
Yes. With a correlation of -0.34, DNN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DNN and FNGD?
The DNN/FNGD correlation stands at -0.34 on a 3-year window (1 year: -0.46, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DNN?
Yes. With a correlation of -0.34, DNN and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 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
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Related comparisons
Hubs: DNN correlations · FNGD correlations
