FITB vs FNGD: Correlation
Measured on weekly returns over the past three years, Fifth Third Bancorp (FITB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and FNGD?
Over the past 3 years, FITB and FNGD moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.09) runs above the 3-year figure (-0.18). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -398.7 %².
Among the 45 assets we track against FITB, FNGD sits near the bottom by co-movement, at rank #42. Correlation aside, the last 12 months split them widely, with FITB ahead by 80.3 points (+24.6% versus -55.7%). One caveat on sizing: FNGD is 2.6 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.
FITB vs FNGD: side by side
| FITB (Fifth Third Bancorp) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.6% | -55.7% |
| 5-year return | +71.2% | -99.4% |
| Volatility (ann.) | 29.4% | 75.7% |
| Beta vs S&P 500 | 1.03 | -4.54 |
| Max drawdown (3Y) | -29.9% | -97.6% |
| Market cap | $49.7B | – |
| P/E (trailing) | 18.5 | 20.6 |
| Dividend yield | 2.90% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | FITB | FNGD |
|---|---|---|
| 2022 | -21.9% | +52.2% |
| 2023 | +10.4% | -90.1% |
| 2024 | +27.2% | -76.6% |
| 2025 | +14.8% | -61.4% |
| 2026 | +19.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FITB and FNGD good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FITB and FNGD?
The FITB/FNGD correlation stands at -0.18 on a 3-year window (1 year: 0.09, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FITB?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
A reading of -0.18 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/fitb-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fitb-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FITB correlations · FNGD correlations
