FIX vs FNGD: Correlation
How closely do Comfort Systems USA (FIX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIX and FNGD?
Over the past 3 years, FIX and FNGD moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.44). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -1596.3 %².
FNGD is close to the least connected end of FIX's tracked universe, ranking #35 of 37. The last year tells two different stories: FIX led by 183.7 percentage points, +128.0% for FIX against -55.7% for FNGD. One caveat on sizing: FNGD is 1.6 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.
FIX vs FNGD: side by side
| FIX (Comfort Systems USA) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +128.0% | -55.7% |
| 5-year return | +2077.9% | -99.4% |
| Volatility (ann.) | 47.4% | 75.7% |
| Beta vs S&P 500 | 1.74 | -4.54 |
| Max drawdown (3Y) | -46.0% | -97.6% |
| Market cap | $56.8B | – |
| P/E (trailing) | 39.8 | 20.6 |
| Dividend yield | 0.16% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FIX | FNGD |
|---|---|---|
| 2022 | +17.0% | +52.2% |
| 2023 | +79.6% | -90.1% |
| 2024 | +106.9% | -76.6% |
| 2025 | +120.9% | -61.4% |
| 2026 | +73.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.44, FIX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FIX and FNGD?
As of 2026-08-27, the correlation of weekly returns between FIX and FNGD is -0.44 over 3 years, -0.17 over 1 year and -0.41 over 5 years.
Is FNGD a good diversifier for FIX?
Yes. With a correlation of -0.44, FIX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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/fix-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fix-vs-fngd/)
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Related comparisons
Hubs: FIX correlations · FNGD correlations
