FIBK vs FNGD: Correlation
Measured on weekly returns over the past three years, First Interstate BancSystem, Inc. (FIBK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIBK and FNGD?
Across a 3-year window, the weekly returns of FIBK and FNGD correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.00) runs above the 3-year figure (-0.23). Stretching to 5 years gives -0.20, with an annualized covariance of -520.9 %².
Out of 20 assets tracked against FIBK, FNGD lands near the bottom at #18. The last year tells two different stories: FIBK led by 77.6 percentage points, +21.9% for FIBK 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.
FIBK vs FNGD: side by side
| FIBK (First Interstate BancSystem, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +21.9% | -55.7% |
| 5-year return | +13.8% | -99.4% |
| Volatility (ann.) | 30.3% | 75.7% |
| Beta vs S&P 500 | 0.98 | -4.54 |
| Max drawdown (3Y) | -31.8% | -97.6% |
| Market cap | $3.6B | – |
| P/E (trailing) | 11.5 | 20.6 |
| Dividend yield | 5.05% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIBK | FNGD |
|---|---|---|
| 2022 | -0.8% | +52.2% |
| 2023 | -14.8% | -90.1% |
| 2024 | +12.9% | -76.6% |
| 2025 | +13.5% | -61.4% |
| 2026 | +11.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIBK and FNGD good diversifiers for each other?
Yes. With a correlation of -0.23, FIBK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FIBK and FNGD?
The FIBK/FNGD correlation stands at -0.23 on a 3-year window (1 year: 0.00, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FIBK?
Yes. With a correlation of -0.23, FIBK and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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: FIBK correlations · FNGD correlations
