FLUT vs FNGD: Correlation
How closely do Flutter Entertainment plc (FLUT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLUT and FNGD?
Across a 3-year window, the weekly returns of FLUT and FNGD correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.33). Stretching to 5 years gives -0.35, with an annualized covariance of -1051.3 %².
FNGD is close to the least connected end of FLUT's tracked universe, ranking #14 of 14. On 12-month performance FNGD holds a 13.2-point edge, -68.9% against -55.7%. Note the risk asymmetry: FNGD runs 1.8 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.
FLUT vs FNGD: side by side
| FLUT (Flutter Entertainment plc) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -68.9% | -55.7% |
| 5-year return | -51.0% | -99.4% |
| Volatility (ann.) | 41.7% | 75.7% |
| Beta vs S&P 500 | 1.16 | -4.54 |
| Max drawdown (3Y) | -70.1% | -97.6% |
| Market cap | $16.5B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLUT | FNGD |
|---|---|---|
| 2022 | -14.4% | +52.2% |
| 2023 | +32.8% | -90.1% |
| 2024 | +44.4% | -76.6% |
| 2025 | -16.8% | -61.4% |
| 2026 | -55.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLUT and FNGD good diversifiers for each other?
Yes. With a correlation of -0.33, FLUT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FLUT and FNGD?
The FLUT/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.13, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FLUT?
Yes. With a correlation of -0.33, FLUT and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/flut-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flut-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLUT correlations · FNGD correlations
