FNGD vs FSS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Federal Signal Corporation (FSS) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FSS?
Across a 3-year window, the weekly returns of FNGD and FSS correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.32). Stretching to 5 years gives -0.36, with an annualized covariance of -747.0 %².
By 3-year correlation, FSS places #952 of the 1743 assets tracked against FNGD. The last year tells two different stories: FSS led by 50.4 percentage points, -55.7% for FNGD against -5.3% for FSS. Risk is not evenly split, since FNGD carries 2.4 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.
FNGD vs FSS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FSS (Federal Signal Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -5.3% |
| 5-year return | -99.4% | +203.9% |
| Volatility (ann.) | 75.7% | 31.2% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -31.5% |
| Market cap | – | $7.3B |
| P/E (trailing) | 20.6 | 26.2 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FSS |
|---|---|---|
| 2022 | +52.2% | +8.2% |
| 2023 | -90.1% | +66.3% |
| 2024 | -76.6% | +21.1% |
| 2025 | -61.4% | +18.2% |
| 2026 | -49.5% | +11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FSS good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and FSS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FSS?
The FNGD/FSS correlation stands at -0.32 on a 3-year window (1 year: -0.03, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is FSS a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and FSS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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.
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Related comparisons
Hubs: FNGD correlations · FSS correlations
