FNGD vs GSIT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GSI Technology, Inc. (GSIT) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GSIT?
On 3 years of weekly data the FNGD/GSIT correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -2859.0 %².
Among the 1743 assets we track against FNGD, GSIT ranks #1136 by 3-year correlation. The last year tells two different stories: GSIT led by 153.0 percentage points, -55.7% for FNGD against +97.3% for GSIT.
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 GSIT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GSIT (GSI Technology, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +97.3% |
| 5-year return | -99.4% | +5.1% |
| Volatility (ann.) | 75.7% | 109.2% |
| Beta vs S&P 500 | -4.54 | 3.12 |
| Max drawdown (3Y) | -97.6% | -66.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GSIT |
|---|---|---|
| 2022 | +52.2% | -62.6% |
| 2023 | -90.1% | +52.6% |
| 2024 | -76.6% | +14.8% |
| 2025 | -61.4% | +105.0% |
| 2026 | -49.5% | -4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GSIT 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 GSIT?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.43 over the last year and -0.27 over 5 years.
Is GSIT 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?
On the −1 to +1 scale, -0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gsit.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-gsit/)
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Related comparisons
Hubs: FNGD correlations · GSIT correlations
