FNB vs FNGD: Correlation
How closely do F.N.B. Corporation (FNB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNB and FNGD?
On 3 years of weekly data the FNB/FNGD correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.06) runs above the 3-year figure (-0.25). The 5-year figure is -0.29, and annualized covariance runs at -525.4 %².
Out of 53 assets tracked against FNB, FNGD lands near the bottom at #51. Their recent paths diverged sharply: over the last 12 months FNB outperformed by 69.1 percentage points (+13.4% for FNB against -55.7% for FNGD). One caveat on sizing: FNGD is 2.8 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.
FNB vs FNGD: side by side
| FNB (F.N.B. Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +13.4% | -55.7% |
| 5-year return | +91.1% | -99.4% |
| Volatility (ann.) | 27.4% | 75.7% |
| Beta vs S&P 500 | 1.03 | -4.54 |
| Max drawdown (3Y) | -32.6% | -97.6% |
| Market cap | $6.6B | – |
| P/E (trailing) | 11.0 | 20.6 |
| Dividend yield | 2.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNB | FNGD |
|---|---|---|
| 2022 | +11.7% | +52.2% |
| 2023 | +9.8% | -90.1% |
| 2024 | +11.0% | -76.6% |
| 2025 | +19.4% | -61.4% |
| 2026 | +9.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNB and FNGD good diversifiers for each other?
Yes. With a correlation of -0.25, FNB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNB and FNGD?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with 0.06 over the last year and -0.29 over 5 years.
Is FNGD a good diversifier for FNB?
Yes. With a correlation of -0.25, FNB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/fnb-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fnb-vs-fngd/)
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Related comparisons
Hubs: FNB correlations · FNGD correlations
