FNGD vs IBKR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Interactive Brokers (IBKR) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IBKR?
Over the past 3 years, FNGD and IBKR moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.45 over 1 year against -0.53 over 3. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -1367.0 %².
By 3-year correlation, IBKR places #1623 of the 1743 assets tracked against FNGD. The last year tells two different stories: IBKR led by 112.7 percentage points, -55.7% for FNGD against +57.0% for IBKR. Note the risk asymmetry: FNGD runs 2.2 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 IBKR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IBKR (Interactive Brokers) | |
|---|---|---|
| 1-year return | -55.7% | +57.0% |
| 5-year return | -99.4% | +516.0% |
| Volatility (ann.) | 75.7% | 33.9% |
| Beta vs S&P 500 | -4.54 | 1.37 |
| Max drawdown (3Y) | -97.6% | -38.7% |
| Market cap | – | $164.5B |
| P/E (trailing) | 20.6 | 38.5 |
| Dividend yield | 0.00% | 0.34% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | IBKR |
|---|---|---|
| 2022 | +52.2% | -8.4% |
| 2023 | -90.1% | +15.1% |
| 2024 | -76.6% | +114.4% |
| 2025 | -61.4% | +46.4% |
| 2026 | -49.5% | +50.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IBKR good diversifiers for each other?
Yes. With a correlation of -0.53, FNGD and IBKR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IBKR?
As of 2026-08-27, the correlation of weekly returns between FNGD and IBKR is -0.53 over 3 years, -0.45 over 1 year and -0.49 over 5 years.
Is IBKR a good diversifier for FNGD?
Yes. With a correlation of -0.53, FNGD and IBKR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 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.
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Related comparisons
Hubs: FNGD correlations · IBKR correlations
