FNGD vs GILT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gilat Satellite Networks Ltd. (GILT) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GILT?
On 3 years of weekly data the FNGD/GILT correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. The 5-year figure is -0.31, and annualized covariance runs at -1387.9 %².
By 3-year correlation, GILT places #1182 of the 1743 assets tracked against FNGD. The last year tells two different stories: GILT led by 61.2 percentage points, -55.7% for FNGD against +5.5% for GILT.
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 GILT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GILT (Gilat Satellite Networks Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +5.5% |
| 5-year return | -99.4% | +4.3% |
| Volatility (ann.) | 75.7% | 50.6% |
| Beta vs S&P 500 | -4.54 | 1.53 |
| Max drawdown (3Y) | -97.6% | -52.3% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 23.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GILT |
|---|---|---|
| 2022 | +52.2% | -18.0% |
| 2023 | -90.1% | +5.3% |
| 2024 | -76.6% | +0.7% |
| 2025 | -61.4% | +110.4% |
| 2026 | -49.5% | -19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GILT good diversifiers for each other?
Yes. With a correlation of -0.36, FNGD and GILT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GILT?
As of 2026-08-27, the correlation of weekly returns between FNGD and GILT is -0.36 over 3 years, -0.44 over 1 year and -0.31 over 5 years.
Is GILT a good diversifier for FNGD?
Yes. With a correlation of -0.36, FNGD and GILT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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 · GILT correlations
