FNGD vs GFF: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Griffon Corporation (GFF) 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 GFF?
On 3 years of weekly data the FNGD/GFF correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.24 over 3. The 5-year figure is -0.28, and annualized covariance runs at -712.5 %².
Among the 1743 assets we track against FNGD, GFF ranks #327 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GFF ahead by 84.1 points (-55.7% versus +28.4%). Note the risk asymmetry: FNGD runs 2.0 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 GFF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GFF (Griffon Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +28.4% |
| 5-year return | -99.4% | +396.8% |
| Volatility (ann.) | 75.7% | 38.7% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -27.9% |
| Market cap | – | $4.5B |
| P/E (trailing) | 20.6 | 21.1 |
| Dividend yield | 0.00% | 0.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GFF |
|---|---|---|
| 2022 | +52.2% | +36.9% |
| 2023 | -90.1% | +84.0% |
| 2024 | -76.6% | +18.0% |
| 2025 | -61.4% | +4.4% |
| 2026 | -49.5% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GFF good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and GFF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GFF?
The FNGD/GFF correlation stands at -0.24 on a 3-year window (1 year: -0.17, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is GFF a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and GFF 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gff.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gff/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GFF correlations
