FNGD vs GLAD: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gl (GLAD) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLAD?
On 3 years of weekly data the FNGD/GLAD correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.32 over 3. The 5-year figure is -0.37, and annualized covariance runs at -550.2 %².
By 3-year correlation, GLAD places #956 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with GLAD ahead by 39.0 points (-55.7% versus -16.7%). One caveat on sizing: FNGD is 3.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GLAD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLAD (Gl) | |
|---|---|---|
| 1-year return | -55.7% | -16.7% |
| 5-year return | -99.4% | +32.9% |
| Volatility (ann.) | 75.7% | 22.7% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -39.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | 9.3 |
| Dividend yield | 0.00% | 9.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLAD |
|---|---|---|
| 2022 | +52.2% | -10.4% |
| 2023 | -90.1% | +22.7% |
| 2024 | -76.6% | +47.0% |
| 2025 | -61.4% | -21.1% |
| 2026 | -49.5% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLAD good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and GLAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GLAD?
The FNGD/GLAD correlation stands at -0.32 on a 3-year window (1 year: -0.39, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is GLAD a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and GLAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-glad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-glad/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GLAD correlations
