FNGD vs GRAL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GRAIL, Inc. (GRAL) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GRAL?
On 3 years of weekly data the FNGD/GRAL correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.20 versus -0.35 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -2868.1 %².
By 3-year correlation, GRAL places #1135 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months GRAL outperformed by 201.0 percentage points (-55.7% for FNGD against +145.3% for GRAL).
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 GRAL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GRAL (GRAIL, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +145.3% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 103.8% |
| Beta vs S&P 500 | -4.54 | 2.60 |
| Max drawdown (3Y) | -97.6% | -62.9% |
| Market cap | – | $3.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GRAL |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | +379.5% |
| 2026 | -49.5% | -3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GRAL good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GRAL?
As of 2026-08-27, the correlation of weekly returns between FNGD and GRAL is -0.35 over 3 years, -0.20 over 1 year and n/a over 5 years.
Is GRAL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
A reading of -0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · GRAL correlations
