FNGD vs FSLR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and First Solar (FSLR) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FSLR?
Across a 3-year window, the weekly returns of FNGD and FSLR correlate at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.25 over 3 years. Stretching to 5 years gives -0.24, with an annualized covariance of -1084.4 %².
Among the 1743 assets we track against FNGD, FSLR ranks #417 by 3-year correlation. The last year tells two different stories: FSLR led by 65.6 percentage points, -55.7% for FNGD against +9.9% for FSLR.
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 FSLR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | -55.7% | +9.9% |
| 5-year return | -99.4% | +119.6% |
| Volatility (ann.) | 75.7% | 56.2% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -60.0% |
| Market cap | – | $22.6B |
| P/E (trailing) | 20.6 | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | FSLR |
|---|---|---|
| 2022 | +52.2% | +71.9% |
| 2023 | -90.1% | +15.0% |
| 2024 | -76.6% | +2.3% |
| 2025 | -61.4% | +48.2% |
| 2026 | -49.5% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FSLR good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and FSLR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FSLR?
The FNGD/FSLR correlation stands at -0.25 on a 3-year window (1 year: -0.41, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FSLR a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and FSLR 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
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Related comparisons
Hubs: FNGD correlations · FSLR correlations
