FNGD vs FTRE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Fortrea Holdings Inc. (FTRE) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FTRE?
On 3 years of weekly data the FNGD/FTRE correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1111.1 %².
By 3-year correlation, FTRE places #51 of the 1743 assets tracked against FNGD. The last year tells two different stories: FTRE led by 164.6 percentage points, -55.7% for FNGD against +108.9% for FTRE.
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 FTRE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FTRE (Fortrea Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +108.9% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 78.9% |
| Beta vs S&P 500 | -4.54 | 1.59 |
| Max drawdown (3Y) | -97.6% | -89.9% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FTRE |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | -46.6% |
| 2025 | -61.4% | -7.5% |
| 2026 | -49.5% | +9.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FTRE good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and FTRE?
As of 2026-08-27, the correlation of weekly returns between FNGD and FTRE is -0.19 over 3 years, -0.18 over 1 year and n/a over 5 years.
Is FTRE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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-ftre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ftre/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FTRE correlations
