FNGD vs GLNG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Golar LNG Limited (GLNG) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLNG?
Across a 3-year window, the weekly returns of FNGD and GLNG correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.14) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.29, with an annualized covariance of -781.6 %².
By 3-year correlation, GLNG places #598 of the 1743 assets tracked against FNGD. The last year tells two different stories: GLNG led by 73.4 percentage points, -55.7% for FNGD against +17.7% for GLNG. One caveat on sizing: FNGD is 2.0 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 GLNG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLNG (Golar LNG Limited) | |
|---|---|---|
| 1-year return | -55.7% | +17.7% |
| 5-year return | -99.4% | +415.5% |
| Volatility (ann.) | 75.7% | 37.5% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -29.4% |
| Market cap | – | $5.3B |
| P/E (trailing) | 20.6 | 35.3 |
| Dividend yield | 0.00% | 1.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLNG |
|---|---|---|
| 2022 | +52.2% | +83.9% |
| 2023 | -90.1% | +4.4% |
| 2024 | -76.6% | +90.8% |
| 2025 | -61.4% | -9.7% |
| 2026 | -49.5% | +40.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLNG good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and GLNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GLNG?
As of 2026-08-27, the correlation of weekly returns between FNGD and GLNG is -0.27 over 3 years, 0.14 over 1 year and -0.29 over 5 years.
Is GLNG a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and GLNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-glng.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-glng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GLNG correlations
