FDS vs FNGD: Correlation
How closely do FactSet (FDS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDS and FNGD?
On 3 years of weekly data the FDS/FNGD correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.21 over 3. The 5-year figure is -0.31, and annualized covariance runs at -516.8 %².
Among the 32 assets we track against FDS, FNGD ranks #25 by 3-year correlation. The last year tells two different stories: FDS led by 37.1 percentage points, -18.6% for FDS against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.4 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.
FDS vs FNGD: side by side
| FDS (FactSet) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -18.6% | -55.7% |
| 5-year return | -15.8% | -99.4% |
| Volatility (ann.) | 31.9% | 75.7% |
| Beta vs S&P 500 | 0.56 | -4.54 |
| Max drawdown (3Y) | -61.1% | -97.6% |
| Market cap | $10.8B | – |
| P/E (trailing) | 19.5 | 20.6 |
| Dividend yield | 1.51% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | FDS | FNGD |
|---|---|---|
| 2022 | -16.7% | +52.2% |
| 2023 | +20.0% | -90.1% |
| 2024 | +1.6% | -76.6% |
| 2025 | -38.9% | -61.4% |
| 2026 | +6.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDS and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FDS and FNGD?
The FDS/FNGD correlation stands at -0.21 on a 3-year window (1 year: -0.18, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FDS?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FDS correlations · FNGD correlations
