FA vs FNGD: Correlation
First Advantage Corporation (FA) 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 FA and FNGD?
On 3 years of weekly data the FA/FNGD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.34 over 3. The 5-year figure is -0.44, and annualized covariance runs at -1172.9 %².
Among the 16 assets we track against FA, FNGD sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months FA outperformed by 82.7 percentage points (+27.0% for FA against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 1.7 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.
FA vs FNGD: side by side
| FA (First Advantage Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +27.0% | -55.7% |
| 5-year return | +6.1% | -99.4% |
| Volatility (ann.) | 45.8% | 75.7% |
| Beta vs S&P 500 | 1.18 | -4.54 |
| Max drawdown (3Y) | -55.9% | -97.6% |
| Market cap | $3.6B | – |
| P/E (trailing) | 139.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FA | FNGD |
|---|---|---|
| 2022 | -31.7% | +52.2% |
| 2023 | +41.5% | -90.1% |
| 2024 | +13.0% | -76.6% |
| 2025 | -22.4% | -61.4% |
| 2026 | +44.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FA and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FA and FNGD?
The FA/FNGD correlation stands at -0.34 on a 3-year window (1 year: -0.31, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FA?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: FA correlations · FNGD correlations
