FN vs FNGD: Correlation
How closely do Fabrinet (FN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FN and FNGD?
On 3 years of weekly data the FN/FNGD correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.46). The 5-year figure is -0.43, and annualized covariance runs at -1943.7 %².
Out of 13 assets tracked against FN, FNGD lands near the bottom at #13. The last year tells two different stories: FN led by 85.9 percentage points, +30.2% for FN against -55.7% for FNGD.
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.
FN vs FNGD: side by side
| FN (Fabrinet) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +30.2% | -55.7% |
| 5-year return | +317.1% | -99.4% |
| Volatility (ann.) | 55.4% | 75.7% |
| Beta vs S&P 500 | 1.97 | -4.54 |
| Max drawdown (3Y) | -44.5% | -97.6% |
| Market cap | $15.5B | – |
| P/E (trailing) | 33.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FN | FNGD |
|---|---|---|
| 2022 | +8.2% | +52.2% |
| 2023 | +48.4% | -90.1% |
| 2024 | +15.5% | -76.6% |
| 2025 | +107.1% | -61.4% |
| 2026 | -5.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FN and FNGD good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FN and FNGD?
The FN/FNGD correlation stands at -0.46 on a 3-year window (1 year: -0.25, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for FN?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fn-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fn-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FN correlations · FNGD correlations
