FMST vs FNGD: Correlation
Measured on weekly returns over the past three years, Foremost Clean Energy Ltd. (FMST) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMST and FNGD?
On 3 years of weekly data the FMST/FNGD correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -2434.9 %².
FNGD is close to the least connected end of FMST's tracked universe, ranking #12 of 12. Over the last 12 months FNGD came out ahead by 6.8 percentage points (-62.5% against -55.7%). Risk is not evenly split, since FMST carries 1.6 times the volatility of the other side.
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.
FMST vs FNGD: side by side
| FMST (Foremost Clean Energy Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -62.5% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 118.7% | 75.7% |
| Beta vs S&P 500 | 2.68 | -4.54 |
| Max drawdown (3Y) | -86.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMST | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | -44.8% | -76.6% |
| 2025 | +53.6% | -61.4% |
| 2026 | -44.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMST and FNGD good diversifiers for each other?
Yes. With a correlation of -0.27, FMST and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMST and FNGD?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is FNGD a good diversifier for FMST?
Yes. With a correlation of -0.27, FMST and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fmst-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmst-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMST correlations · FNGD correlations
