FNGD vs FUN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Six Flags Entertainment Corporation (FUN) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FUN?
Across a 3-year window, the weekly returns of FNGD and FUN correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -1232.7 %².
By 3-year correlation, FUN places #1030 of the 1743 assets tracked against FNGD. The last year tells two different stories: FUN led by 23.0 percentage points, -55.7% for FNGD against -32.7% for FUN. One caveat on sizing: FNGD is 1.5 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 FUN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FUN (Six Flags Entertainment Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -32.7% |
| 5-year return | -99.4% | -61.4% |
| Volatility (ann.) | 75.7% | 49.2% |
| Beta vs S&P 500 | -4.54 | 1.35 |
| Max drawdown (3Y) | -97.6% | -77.7% |
| Market cap | – | $1.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FUN |
|---|---|---|
| 2022 | +52.2% | -16.2% |
| 2023 | -90.1% | -1.0% |
| 2024 | -76.6% | +22.8% |
| 2025 | -61.4% | -68.2% |
| 2026 | -49.5% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FUN good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FUN?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.33 over the last year and -0.31 over 5 years.
Is FUN a good diversifier for FNGD?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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-fun.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-fun/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · FUN correlations
