FNGD vs IBEX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IBEX Limited - Common Share (IBEX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IBEX?
On 3 years of weekly data the FNGD/IBEX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.28 over 3. The 5-year figure is -0.28, and annualized covariance runs at -976.8 %².
By 3-year correlation, IBEX places #696 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IBEX ahead by 82.4 points (-55.7% versus +26.7%). Note the risk asymmetry: FNGD runs 1.7 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 IBEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IBEX (IBEX Limited - Common Share) | |
|---|---|---|
| 1-year return | -55.7% | +26.7% |
| 5-year return | -99.4% | +104.6% |
| Volatility (ann.) | 75.7% | 45.5% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -37.1% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 11.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IBEX |
|---|---|---|
| 2022 | +52.2% | +92.8% |
| 2023 | -90.1% | -23.5% |
| 2024 | -76.6% | +13.0% |
| 2025 | -61.4% | +77.7% |
| 2026 | -49.5% | -2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IBEX good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and IBEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IBEX?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.37 over the last year and -0.28 over 5 years.
Is IBEX a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and IBEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-ibex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ibex/)
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Related comparisons
Hubs: FNGD correlations · IBEX correlations
