FNGD vs IBB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Biotechnology ETF (IBB) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IBB?
On 3 years of weekly data the FNGD/IBB correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.38 over 3 years. The 5-year figure is -0.46, and annualized covariance runs at -597.0 %².
Among the 1743 assets we track against FNGD, IBB ranks #1274 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IBB ahead by 111.1 points (-55.7% versus +55.4%). Note the risk asymmetry: FNGD runs 3.7 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 IBB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | -55.7% | +55.4% |
| 5-year return | -99.4% | +26.6% |
| Volatility (ann.) | 75.7% | 20.7% |
| Beta vs S&P 500 | -4.54 | 0.81 |
| Max drawdown (3Y) | -97.6% | -24.9% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.22% |
| Expense ratio | – | 0.44% |
| Assets under management | – | $9.2B |
| Sector / category | US Listed | ETF · Thematic |
IBB, iShares's Health fund, carries $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | FNGD | IBB |
|---|---|---|
| 2022 | +52.2% | -13.7% |
| 2023 | -90.1% | +3.8% |
| 2024 | -76.6% | -2.4% |
| 2025 | -61.4% | +28.0% |
| 2026 | -49.5% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IBB good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and IBB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IBB?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.25 over the last year and -0.46 over 5 years.
Is IBB a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and IBB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ibb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IBB correlations
