FAST vs FNGD: Correlation
How closely do Fastenal (FAST) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAST and FNGD?
Over the past 3 years, FAST and FNGD moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.11 versus -0.19 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -348.8 %².
Within FAST's tracked universe of 33 assets, FNGD comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FAST outperformed by 59.8 percentage points (+4.1% for FAST against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 3.2 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.
FAST vs FNGD: side by side
| FAST (Fastenal) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +4.1% | -55.7% |
| 5-year return | +105.5% | -99.4% |
| Volatility (ann.) | 24.0% | 75.7% |
| Beta vs S&P 500 | 0.63 | -4.54 |
| Max drawdown (3Y) | -21.9% | -97.6% |
| Market cap | $58.7B | – |
| P/E (trailing) | 43.7 | 20.6 |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FAST | FNGD |
|---|---|---|
| 2022 | -24.3% | +52.2% |
| 2023 | +41.3% | -90.1% |
| 2024 | +13.5% | -76.6% |
| 2025 | +14.0% | -61.4% |
| 2026 | +29.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAST and FNGD good diversifiers for each other?
Yes. With a correlation of -0.19, FAST and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FAST and FNGD?
As of 2026-08-27, the correlation of weekly returns between FAST and FNGD is -0.19 over 3 years, 0.11 over 1 year and -0.37 over 5 years.
Is FNGD a good diversifier for FAST?
Yes. With a correlation of -0.19, FAST and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/fast-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fast-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FAST correlations · FNGD correlations
