FCX vs FNGD: Correlation
How closely do Freeport-McMoRan (FCX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and FNGD?
On 3 years of weekly data the FCX/FNGD correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.41). The 5-year figure is -0.43, and annualized covariance runs at -1344.3 %².
Among the 34 assets we track against FCX, FNGD sits near the bottom by co-movement, at rank #33. The last year tells two different stories: FCX led by 136.4 percentage points, +80.7% for FCX against -55.7% for FNGD. One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FCX vs FNGD: side by side
| FCX (Freeport-McMoRan) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +80.7% | -55.7% |
| 5-year return | +129.3% | -99.4% |
| Volatility (ann.) | 43.2% | 75.7% |
| Beta vs S&P 500 | 1.55 | -4.54 |
| Max drawdown (3Y) | -46.3% | -97.6% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | 20.6 |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | FCX | FNGD |
|---|---|---|
| 2022 | -7.3% | +52.2% |
| 2023 | +13.7% | -90.1% |
| 2024 | -9.4% | -76.6% |
| 2025 | +35.4% | -61.4% |
| 2026 | +55.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and FNGD good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCX and FNGD?
The FCX/FNGD correlation stands at -0.41 on a 3-year window (1 year: -0.30, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FCX?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 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/fcx-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcx-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCX correlations · FNGD correlations
