FNGD vs GLW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Corning Inc. (GLW) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLW?
Across a 3-year window, the weekly returns of FNGD and GLW correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.25). Stretching to 5 years gives -0.31, with an annualized covariance of -800.0 %².
Within FNGD's tracked universe of 1743 assets, GLW comes in at #420 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GLW ahead by 185.4 points (-55.7% versus +129.7%). Risk is not evenly split, since FNGD carries 1.8 times the volatility of the other side.
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 GLW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLW (Corning Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +129.7% |
| 5-year return | -99.4% | +331.4% |
| Volatility (ann.) | 75.7% | 42.1% |
| Beta vs S&P 500 | -4.54 | 1.15 |
| Max drawdown (3Y) | -97.6% | -51.5% |
| Market cap | – | $131.6B |
| P/E (trailing) | 20.6 | 70.4 |
| Dividend yield | 0.00% | 0.73% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | GLW |
|---|---|---|
| 2022 | +52.2% | -11.6% |
| 2023 | -90.1% | -1.2% |
| 2024 | -76.6% | +60.6% |
| 2025 | -61.4% | +87.8% |
| 2026 | -49.5% | +75.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLW good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GLW?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.07 over the last year and -0.31 over 5 years.
Is GLW a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-glw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-glw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GLW correlations
