FNGD vs FTV: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Fortive (FTV) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FTV?
Across a 3-year window, the weekly returns of FNGD and FTV correlate at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.35). Stretching to 5 years gives -0.46, with an annualized covariance of -622.7 %².
By 3-year correlation, FTV places #1133 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with FTV ahead by 79.6 points (-55.7% versus +23.9%). One caveat on sizing: FNGD is 3.2 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.
FNGD vs FTV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FTV (Fortive) | |
|---|---|---|
| 1-year return | -55.7% | +23.9% |
| 5-year return | -99.4% | +9.6% |
| Volatility (ann.) | 75.7% | 23.8% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -28.0% |
| Market cap | – | $18.1B |
| P/E (trailing) | 20.6 | 31.9 |
| Dividend yield | 0.00% | 0.20% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | FTV |
|---|---|---|
| 2022 | +52.2% | -15.4% |
| 2023 | -90.1% | +15.1% |
| 2024 | -76.6% | +2.3% |
| 2025 | -61.4% | -1.9% |
| 2026 | -49.5% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FTV good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FTV?
The FNGD/FTV correlation stands at -0.35 on a 3-year window (1 year: -0.04, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is FTV a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/fngd-vs-ftv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ftv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FTV correlations
