FCNCA vs FNGD: Correlation
First Citizens BancShares, Inc. (FCNCA) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCNCA and FNGD?
Across a 3-year window, the weekly returns of FCNCA and FNGD correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.00 versus -0.27 over 3 years. Stretching to 5 years gives -0.25, with an annualized covariance of -602.1 %².
FNGD is close to the least connected end of FCNCA's tracked universe, ranking #9 of 11. The last year tells two different stories: FCNCA led by 62.4 percentage points, +6.7% for FCNCA against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.5 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.
FCNCA vs FNGD: side by side
| FCNCA (First Citizens BancShares, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +6.7% | -55.7% |
| 5-year return | +146.7% | -99.4% |
| Volatility (ann.) | 29.7% | 75.7% |
| Beta vs S&P 500 | 0.95 | -4.54 |
| Max drawdown (3Y) | -33.5% | -97.6% |
| Market cap | $24.4B | – |
| P/E (trailing) | 11.7 | 20.6 |
| Dividend yield | 0.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCNCA | FNGD |
|---|---|---|
| 2022 | -8.4% | +52.2% |
| 2023 | +87.7% | -90.1% |
| 2024 | +49.5% | -76.6% |
| 2025 | +2.0% | -61.4% |
| 2026 | +0.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCNCA and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, FCNCA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FCNCA and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.00 over the last year and -0.25 over 5 years.
Is FNGD a good diversifier for FCNCA?
Yes. With a correlation of -0.27, FCNCA and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/fcnca-vs-fngd.json
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[](https://www.pairbook.io/pair/fcnca-vs-fngd/)
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Related comparisons
Hubs: FCNCA correlations · FNGD correlations
