FNGD vs GFS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GlobalFoundries Inc. (GFS) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GFS?
Across a 3-year window, the weekly returns of FNGD and GFS correlate at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.43). Stretching to 5 years gives -0.50, with an annualized covariance of -1459.9 %².
Within FNGD's tracked universe of 1743 assets, GFS comes in at #1450 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GFS ahead by 92.3 points (-55.7% versus +36.6%). Note the risk asymmetry: FNGD runs 1.7 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 GFS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GFS (GlobalFoundries Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +36.6% |
| 5-year return | -99.4% | +0.0% |
| Volatility (ann.) | 75.7% | 44.9% |
| Beta vs S&P 500 | -4.54 | 1.69 |
| Max drawdown (3Y) | -97.6% | -51.2% |
| Market cap | – | $25.4B |
| P/E (trailing) | 20.6 | 35.6 |
| Dividend yield | 0.00% | 0.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GFS |
|---|---|---|
| 2022 | +52.2% | -17.1% |
| 2023 | -90.1% | +12.5% |
| 2024 | -76.6% | -29.2% |
| 2025 | -61.4% | -18.6% |
| 2026 | -49.5% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GFS 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 GFS?
As of 2026-08-27, the correlation of weekly returns between FNGD and GFS is -0.43 over 3 years, -0.27 over 1 year and -0.50 over 5 years.
Is GFS 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?
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-gfs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gfs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · GFS correlations
