FNGD vs GEV: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GE Vernova (GEV) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GEV?
Over the past 3 years, FNGD and GEV moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.43). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1556.8 %².
Among the 1743 assets we track against FNGD, GEV ranks #1449 by 3-year correlation. The last year tells two different stories: GEV led by 109.3 percentage points, -55.7% for FNGD against +53.6% for GEV. Risk is not evenly split, since FNGD carries 1.7 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 GEV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GEV (GE Vernova) | |
|---|---|---|
| 1-year return | -55.7% | +53.6% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 45.8% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -38.3% |
| Market cap | – | $254.0B |
| P/E (trailing) | 20.6 | 27.3 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | GEV |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | +99.0% |
| 2026 | -49.5% | +46.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GEV good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GEV?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.13 over the last year and n/a over 5 years.
Is GEV a good diversifier for FNGD?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gev.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gev/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GEV correlations
