FNGD vs GHM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Graham Corporation (GHM) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GHM?
Over the past 3 years, FNGD and GHM moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.34). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -1279.0 %².
Within FNGD's tracked universe of 1743 assets, GHM comes in at #1083 by 3-year correlation. The last year tells two different stories: GHM led by 141.9 percentage points, -55.7% for FNGD against +86.2% for GHM. Note the risk asymmetry: FNGD runs 1.5 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 GHM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GHM (Graham Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +86.2% |
| 5-year return | -99.4% | +676.7% |
| Volatility (ann.) | 75.7% | 49.3% |
| Beta vs S&P 500 | -4.54 | 1.56 |
| Max drawdown (3Y) | -97.6% | -46.5% |
| Market cap | – | $1.1B |
| P/E (trailing) | 20.6 | 88.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GHM |
|---|---|---|
| 2022 | +52.2% | -22.7% |
| 2023 | -90.1% | +97.2% |
| 2024 | -76.6% | +134.4% |
| 2025 | -61.4% | +44.4% |
| 2026 | -49.5% | +45.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GHM good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GHM?
The FNGD/GHM correlation stands at -0.34 on a 3-year window (1 year: -0.16, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is GHM a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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.
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Related comparisons
Hubs: FNGD correlations · GHM correlations
