FNGD vs GSAT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Globalstar, Inc. (GSAT) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GSAT?
Over the past 3 years, FNGD and GSAT moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.28, and the annualized covariance of weekly returns is -1209.0 %².
Among the 1743 assets we track against FNGD, GSAT ranks #421 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GSAT outperformed by 246.7 percentage points (-55.7% for FNGD against +191.0% for GSAT).
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 GSAT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GSAT (Globalstar, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +191.0% |
| 5-year return | -99.4% | +132.8% |
| Volatility (ann.) | 75.7% | 65.0% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -50.7% |
| Market cap | – | $10.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GSAT |
|---|---|---|
| 2022 | +52.2% | +14.7% |
| 2023 | -90.1% | +45.9% |
| 2024 | -76.6% | +6.7% |
| 2025 | -61.4% | +96.6% |
| 2026 | -49.5% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GSAT good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GSAT?
The FNGD/GSAT correlation stands at -0.25 on a 3-year window (1 year: -0.19, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is GSAT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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 · GSAT correlations
