FNGD vs GVA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Granite Construction Incorporated (GVA) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GVA?
Across a 3-year window, the weekly returns of FNGD and GVA correlate at -0.30, 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 -0.30 over 3 years. Stretching to 5 years gives -0.31, with an annualized covariance of -807.8 %².
By 3-year correlation, GVA places #835 of the 1743 assets tracked against FNGD. The last year tells two different stories: GVA led by 69.6 percentage points, -55.7% for FNGD against +13.9% for GVA. Note the risk asymmetry: FNGD runs 2.1 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 GVA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GVA (Granite Construction Incorporated) | |
|---|---|---|
| 1-year return | -55.7% | +13.9% |
| 5-year return | -99.4% | +219.9% |
| Volatility (ann.) | 75.7% | 35.5% |
| Beta vs S&P 500 | -4.54 | 1.13 |
| Max drawdown (3Y) | -97.6% | -29.1% |
| Market cap | – | $5.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GVA |
|---|---|---|
| 2022 | +52.2% | -7.8% |
| 2023 | -90.1% | +46.8% |
| 2024 | -76.6% | +73.8% |
| 2025 | -61.4% | +32.2% |
| 2026 | -49.5% | +8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GVA good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GVA?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with 0.07 over the last year and -0.31 over 5 years.
Is GVA a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-gva.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-gva/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · GVA correlations
