FNGD vs GTES: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gates Industrial Corporation Ltd. (GTES) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GTES?
Over the past 3 years, FNGD and GTES moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.07 versus -0.32 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -852.2 %².
Within FNGD's tracked universe of 1743 assets, GTES comes in at #958 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GTES outperformed by 57.2 percentage points (-55.7% for FNGD against +1.5% for GTES). Risk is not evenly split, since FNGD carries 2.2 times the volatility of the other side.
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 GTES: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GTES (Gates Industrial Corporation Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +1.5% |
| 5-year return | -99.4% | +56.6% |
| Volatility (ann.) | 75.7% | 35.0% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -33.8% |
| Market cap | – | $6.7B |
| P/E (trailing) | 20.6 | 18.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GTES |
|---|---|---|
| 2022 | +52.2% | -28.3% |
| 2023 | -90.1% | +17.6% |
| 2024 | -76.6% | +53.3% |
| 2025 | -61.4% | +4.4% |
| 2026 | -49.5% | +22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GTES good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GTES?
As of 2026-08-27, the correlation of weekly returns between FNGD and GTES is -0.32 over 3 years, -0.07 over 1 year and -0.38 over 5 years.
Is GTES a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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-gtes.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-gtes/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GTES correlations
