FNGD vs GD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and General Dynamics (GD) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GD?
Over the past 3 years, FNGD and GD moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.08 lands near the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -284.1 %².
Among the 1743 assets we track against FNGD, GD ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GD ahead by 74.5 points (-55.7% versus +18.8%). Risk is not evenly split, since FNGD carries 3.6 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 GD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GD (General Dynamics) | |
|---|---|---|
| 1-year return | -55.7% | +18.8% |
| 5-year return | -99.4% | +111.9% |
| Volatility (ann.) | 75.7% | 21.1% |
| Beta vs S&P 500 | -4.54 | 0.52 |
| Max drawdown (3Y) | -97.6% | -22.5% |
| Market cap | – | $102.8B |
| P/E (trailing) | 20.6 | 23.3 |
| Dividend yield | 0.00% | 1.62% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | GD |
|---|---|---|
| 2022 | +52.2% | +21.7% |
| 2023 | -90.1% | +7.1% |
| 2024 | -76.6% | +3.5% |
| 2025 | -61.4% | +30.4% |
| 2026 | -49.5% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GD good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GD?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.08 over the last year and -0.22 over 5 years.
Is GD a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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-gd.json
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Related comparisons
Hubs: FNGD correlations · GD correlations
