FNGD vs GNRC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Generac (GNRC) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GNRC?
On 3 years of weekly data the FNGD/GNRC correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.26). The 5-year figure is -0.39, and annualized covariance runs at -925.5 %².
Within FNGD's tracked universe of 1743 assets, GNRC comes in at #499 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GNRC ahead by 61.2 points (-55.7% versus +5.5%). Risk is not evenly split, since FNGD carries 1.6 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 GNRC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GNRC (Generac) | |
|---|---|---|
| 1-year return | -55.7% | +5.5% |
| 5-year return | -99.4% | -55.4% |
| Volatility (ann.) | 75.7% | 46.1% |
| Beta vs S&P 500 | -4.54 | 1.35 |
| Max drawdown (3Y) | -97.6% | -47.8% |
| Market cap | – | $11.6B |
| P/E (trailing) | 20.6 | 47.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | GNRC |
|---|---|---|
| 2022 | +52.2% | -71.4% |
| 2023 | -90.1% | +28.4% |
| 2024 | -76.6% | +20.0% |
| 2025 | -61.4% | -12.0% |
| 2026 | -49.5% | +44.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GNRC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GNRC?
The FNGD/GNRC correlation stands at -0.26 on a 3-year window (1 year: -0.15, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is GNRC a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gnrc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-gnrc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GNRC correlations
