FNGD vs FRD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Friedman Industries Inc. (FRD) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRD?
Across a 3-year window, the weekly returns of FNGD and FRD correlate at -0.31, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -1194.1 %².
Within FNGD's tracked universe of 1743 assets, FRD comes in at #891 by 3-year correlation. The last year tells two different stories: FRD led by 193.5 percentage points, -55.7% for FNGD against +137.8% for FRD. Note the risk asymmetry: FNGD runs 1.5 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.
FNGD vs FRD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRD (Friedman Industries Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +137.8% |
| 5-year return | -99.4% | +282.9% |
| Volatility (ann.) | 75.7% | 50.1% |
| Beta vs S&P 500 | -4.54 | 1.10 |
| Max drawdown (3Y) | -97.6% | -34.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 11.7 |
| Dividend yield | 0.00% | 0.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRD |
|---|---|---|
| 2022 | +52.2% | +5.3% |
| 2023 | -90.1% | +59.0% |
| 2024 | -76.6% | -0.3% |
| 2025 | -61.4% | +35.3% |
| 2026 | -49.5% | +120.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRD good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FRD?
The FNGD/FRD correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is FRD a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/fngd-vs-frd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-frd/)
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Related comparisons
Hubs: FNGD correlations · FRD correlations
