FNGD vs FULT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Fulton Financial Corporation (FULT) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FULT?
On 3 years of weekly data the FNGD/FULT correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.08) than the 3-year average (-0.22). The 5-year figure is -0.24, and annualized covariance runs at -514.0 %².
Among the 1743 assets we track against FNGD, FULT ranks #167 by 3-year correlation. The last year tells two different stories: FULT led by 79.8 percentage points, -55.7% for FNGD against +24.1% for FULT. Risk is not evenly split, since FNGD carries 2.5 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 FULT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FULT (Fulton Financial Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +24.1% |
| 5-year return | -99.4% | +85.0% |
| Volatility (ann.) | 75.7% | 30.3% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -29.9% |
| Market cap | – | $4.5B |
| P/E (trailing) | 20.6 | 11.4 |
| Dividend yield | 0.00% | 3.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FULT |
|---|---|---|
| 2022 | +52.2% | +3.1% |
| 2023 | -90.1% | +2.5% |
| 2024 | -76.6% | +21.9% |
| 2025 | -61.4% | +4.3% |
| 2026 | -49.5% | +25.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FULT good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and FULT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FULT?
The FNGD/FULT correlation stands at -0.22 on a 3-year window (1 year: 0.08, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is FULT a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and FULT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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 · FULT correlations
