FNGD vs GS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Goldman Sachs (GS) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GS?
On 3 years of weekly data the FNGD/GS correlation comes out at -0.51, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.39 versus -0.51 over 3 years. The 5-year figure is -0.50, and annualized covariance runs at -1035.1 %².
Within FNGD's tracked universe of 1743 assets, GS comes in at #1600 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GS outperformed by 97.3 percentage points (-55.7% for FNGD against +41.6% for GS). Note the risk asymmetry: FNGD runs 2.8 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 GS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GS (Goldman Sachs) | |
|---|---|---|
| 1-year return | -55.7% | +41.6% |
| 5-year return | -99.4% | +184.1% |
| Volatility (ann.) | 75.7% | 27.0% |
| Beta vs S&P 500 | -4.54 | 1.34 |
| Max drawdown (3Y) | -97.6% | -30.9% |
| Market cap | – | $303.1B |
| P/E (trailing) | 20.6 | 16.1 |
| Dividend yield | 0.00% | 1.63% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | GS |
|---|---|---|
| 2022 | +52.2% | -7.9% |
| 2023 | -90.1% | +15.9% |
| 2024 | -76.6% | +52.0% |
| 2025 | -61.4% | +56.6% |
| 2026 | -49.5% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GS good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GS?
As of 2026-08-27, the correlation of weekly returns between FNGD and GS is -0.51 over 3 years, -0.39 over 1 year and -0.50 over 5 years.
Is GS a good diversifier for FNGD?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 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-gs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GS correlations
