FNGD vs GRN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iPath Series B Carbon Exchange-Traded Notes (GRN) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GRN?
On 3 years of weekly data the FNGD/GRN correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -476.3 %².
Within FNGD's tracked universe of 1743 assets, GRN comes in at #119 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GRN ahead by 70.4 points (-55.7% versus +14.7%). Note the risk asymmetry: FNGD runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GRN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GRN (iPath Series B Carbon Exchange-Traded Notes) | |
|---|---|---|
| 1-year return | -55.7% | +14.7% |
| 5-year return | -99.4% | +36.8% |
| Volatility (ann.) | 75.7% | 29.5% |
| Beta vs S&P 500 | -4.54 | 0.40 |
| Max drawdown (3Y) | -97.6% | -40.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 3.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GRN |
|---|---|---|
| 2022 | +52.2% | -0.1% |
| 2023 | -90.1% | -3.0% |
| 2024 | -76.6% | -7.3% |
| 2025 | -61.4% | +20.3% |
| 2026 | -49.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GRN good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and GRN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GRN?
The FNGD/GRN correlation stands at -0.21 on a 3-year window (1 year: -0.30, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is GRN a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and GRN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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-grn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-grn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GRN correlations
