FDX vs FNGD: Correlation
FedEx (FDX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and FNGD?
Across a 3-year window, the weekly returns of FDX and FNGD correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.19). Stretching to 5 years gives -0.33, with an annualized covariance of -432.4 %².
Among the 36 assets we track against FDX, FNGD ranks #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FDX ahead by 136.3 points (+80.6% versus -55.7%). One caveat on sizing: FNGD is 2.5 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.
FDX vs FNGD: side by side
| FDX (FedEx) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +80.6% | -55.7% |
| 5-year return | +71.0% | -99.4% |
| Volatility (ann.) | 30.7% | 75.7% |
| Beta vs S&P 500 | 0.89 | -4.54 |
| Max drawdown (3Y) | -35.9% | -97.6% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | 20.6 |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | FNGD |
|---|---|---|
| 2022 | -31.6% | +52.2% |
| 2023 | +49.1% | -90.1% |
| 2024 | +13.5% | -76.6% |
| 2025 | +5.1% | -61.4% |
| 2026 | +43.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and FNGD good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FDX and FNGD?
As of 2026-08-27, the correlation of weekly returns between FDX and FNGD is -0.19 over 3 years, -0.08 over 1 year and -0.33 over 5 years.
Is FNGD a good diversifier for FDX?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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: FDX correlations · FNGD correlations
