FELE vs FNGD: Correlation
Franklin Electric Co., Inc. (FELE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and FNGD?
Over the past 3 years, FELE and FNGD moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.03) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -443.5 %².
Out of 25 assets tracked against FELE, FNGD lands near the bottom at #23. Correlation aside, the last 12 months split them widely, with FELE ahead by 59.5 points (+3.8% versus -55.7%). One caveat on sizing: FNGD is 3.3 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.
FELE vs FNGD: side by side
| FELE (Franklin Electric Co., Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +3.8% | -55.7% |
| 5-year return | +25.2% | -99.4% |
| Volatility (ann.) | 22.7% | 75.7% |
| Beta vs S&P 500 | 0.79 | -4.54 |
| Max drawdown (3Y) | -23.5% | -97.6% |
| Market cap | $4.5B | – |
| P/E (trailing) | 29.4 | 20.6 |
| Dividend yield | 1.06% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FELE | FNGD |
|---|---|---|
| 2022 | -14.9% | +52.2% |
| 2023 | +22.4% | -90.1% |
| 2024 | +1.8% | -76.6% |
| 2025 | -0.9% | -61.4% |
| 2026 | +7.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and FNGD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FELE and FNGD?
As of 2026-08-27, the correlation of weekly returns between FELE and FNGD is -0.26 over 3 years, -0.03 over 1 year and -0.38 over 5 years.
Is FNGD a good diversifier for FELE?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/fele-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fele-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FELE correlations · FNGD correlations
