FIP vs FNGD: Correlation
How closely do FTAI Infrastructure Inc. (FIP) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIP and FNGD?
On 3 years of weekly data the FIP/FNGD correlation comes out at -0.28, 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 (-0.28). The 5-year figure is -0.24, and annualized covariance runs at -1195.1 %².
FNGD is close to the least connected end of FIP's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months FIP outperformed by 28.2 percentage points (-27.5% for FIP against -55.7% for FNGD).
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.
FIP vs FNGD: side by side
| FIP (FTAI Infrastructure Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -27.5% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 56.6% | 75.7% |
| Beta vs S&P 500 | 1.48 | -4.54 |
| Max drawdown (3Y) | -68.0% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIP | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | +36.9% | -90.1% |
| 2024 | +89.5% | -76.6% |
| 2025 | -34.9% | -61.4% |
| 2026 | -19.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIP and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, FIP and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FIP and FNGD?
The FIP/FNGD correlation stands at -0.28 on a 3-year window (1 year: -0.08, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FIP?
Yes. With a correlation of -0.28, FIP and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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/fip-vs-fngd.json
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[](https://www.pairbook.io/pair/fip-vs-fngd/)
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Related comparisons
Hubs: FIP correlations · FNGD correlations
