FNGD vs GATX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GATX Corporation (GATX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GATX?
Over the past 3 years, FNGD and GATX moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.00) runs above the 3-year figure (-0.24). Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -448.9 %².
Within FNGD's tracked universe of 1743 assets, GATX comes in at #326 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GATX ahead by 64.8 points (-55.7% versus +9.1%). Risk is not evenly split, since FNGD carries 3.1 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 GATX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GATX (GATX Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +9.1% |
| 5-year return | -99.4% | +112.2% |
| Volatility (ann.) | 75.7% | 24.2% |
| Beta vs S&P 500 | -4.54 | 0.78 |
| Max drawdown (3Y) | -97.6% | -18.1% |
| Market cap | – | $6.3B |
| P/E (trailing) | 20.6 | 17.7 |
| Dividend yield | 0.00% | 1.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GATX |
|---|---|---|
| 2022 | +52.2% | +4.2% |
| 2023 | -90.1% | +15.2% |
| 2024 | -76.6% | +31.1% |
| 2025 | -61.4% | +11.1% |
| 2026 | -49.5% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GATX good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and GATX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GATX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.00 over the last year and -0.28 over 5 years.
Is GATX a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and GATX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: FNGD correlations · GATX correlations
