DRS vs FNGD: Correlation
Leonardo DRS, Inc. (DRS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DRS and FNGD?
On 3 years of weekly data the DRS/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.28). The 5-year figure is -0.21, and annualized covariance runs at -815.8 %².
Out of 14 assets tracked against DRS, FNGD lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with DRS ahead by 49.1 points (-6.6% 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.
DRS vs FNGD: side by side
| DRS (Leonardo DRS, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -6.6% | -55.7% |
| 5-year return | +245.4% | -99.4% |
| Volatility (ann.) | 38.1% | 75.7% |
| Beta vs S&P 500 | 0.96 | -4.54 |
| Max drawdown (3Y) | -32.5% | -97.6% |
| Market cap | $10.4B | – |
| P/E (trailing) | 32.4 | 20.6 |
| Dividend yield | 0.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DRS | FNGD |
|---|---|---|
| 2022 | +35.7% | +52.2% |
| 2023 | +56.8% | -90.1% |
| 2024 | +61.2% | -76.6% |
| 2025 | +6.6% | -61.4% |
| 2026 | +14.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DRS and FNGD good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DRS and FNGD?
As of 2026-08-27, the correlation of weekly returns between DRS and FNGD is -0.28 over 3 years, -0.17 over 1 year and -0.21 over 5 years.
Is FNGD a good diversifier for DRS?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/drs-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/drs-vs-fngd/)
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Related comparisons
Hubs: DRS correlations · FNGD correlations
