FNGD vs GDX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and VanEck Gold Miners ETF (GDX) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDX?
On 3 years of weekly data the FNGD/GDX correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.25). The 5-year figure is -0.28, and annualized covariance runs at -764.6 %².
Among the 1743 assets we track against FNGD, GDX ranks #419 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 125.6 percentage points (-55.7% for FNGD against +69.9% for GDX). Note the risk asymmetry: FNGD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GDX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | -55.7% | +69.9% |
| 5-year return | -99.4% | +245.5% |
| Volatility (ann.) | 75.7% | 40.9% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -38.9% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | FNGD | GDX |
|---|---|---|
| 2022 | +52.2% | -9.0% |
| 2023 | -90.1% | +10.0% |
| 2024 | -76.6% | +10.6% |
| 2025 | -61.4% | +154.8% |
| 2026 | -49.5% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDX good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GDX?
The FNGD/GDX correlation stands at -0.25 on a 3-year window (1 year: -0.37, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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.
Use this data
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Related comparisons
Hubs: FNGD correlations · GDX correlations
