FLS vs FNGD: Correlation
Flowserve Corporation (FLS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLS and FNGD?
Across a 3-year window, the weekly returns of FLS and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.43). Stretching to 5 years gives -0.41, with an annualized covariance of -1214.5 %².
FNGD is close to the least connected end of FLS's tracked universe, ranking #11 of 13. Correlation aside, the last 12 months split them widely, with FLS ahead by 107.1 points (+51.4% versus -55.7%). One caveat on sizing: FNGD is 2.0 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.
FLS vs FNGD: side by side
| FLS (Flowserve Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +51.4% | -55.7% |
| 5-year return | +131.6% | -99.4% |
| Volatility (ann.) | 37.2% | 75.7% |
| Beta vs S&P 500 | 1.43 | -4.54 |
| Max drawdown (3Y) | -38.8% | -97.6% |
| Market cap | $10.4B | – |
| P/E (trailing) | 28.8 | 20.6 |
| Dividend yield | 1.04% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLS | FNGD |
|---|---|---|
| 2022 | +3.1% | +52.2% |
| 2023 | +37.3% | -90.1% |
| 2024 | +41.9% | -76.6% |
| 2025 | +22.5% | -61.4% |
| 2026 | +18.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLS and FNGD good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLS and FNGD?
The FLS/FNGD correlation stands at -0.43 on a 3-year window (1 year: -0.28, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FLS?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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: FLS correlations · FNGD correlations
