FNGD vs GSM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ferroglobe PLC (GSM) 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 GSM?
Across a 3-year window, the weekly returns of FNGD and GSM correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.22, with an annualized covariance of -851.5 %².
Among the 1743 assets we track against FNGD, GSM ranks #120 by 3-year correlation. The last year tells two different stories: GSM led by 52.4 percentage points, -55.7% for FNGD against -3.3% for GSM.
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 GSM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GSM (Ferroglobe PLC) | |
|---|---|---|
| 1-year return | -55.7% | -3.3% |
| 5-year return | -99.4% | -45.4% |
| Volatility (ann.) | 75.7% | 52.6% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -53.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GSM |
|---|---|---|
| 2022 | +52.2% | -38.0% |
| 2023 | -90.1% | +69.1% |
| 2024 | -76.6% | -40.9% |
| 2025 | -61.4% | +23.7% |
| 2026 | -49.5% | -12.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GSM good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and GSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GSM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.28 over the last year and -0.22 over 5 years.
Is GSM a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and GSM 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-gsm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-gsm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GSM correlations
