FNGD vs IBTA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ibotta, Inc. (IBTA) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IBTA?
Across a 3-year window, the weekly returns of FNGD and IBTA correlate at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -1464.5 %².
Among the 1743 assets we track against FNGD, IBTA ranks #334 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IBTA ahead by 98.0 points (-55.7% versus +42.3%).
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 IBTA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IBTA (Ibotta, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +42.3% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 79.0% |
| Beta vs S&P 500 | -4.54 | 1.45 |
| Max drawdown (3Y) | -97.6% | -82.5% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IBTA |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -65.1% |
| 2026 | -49.5% | +60.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IBTA good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IBTA?
The FNGD/IBTA correlation stands at -0.24 on a 3-year window (1 year: -0.29, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is IBTA a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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-ibta.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ibta/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IBTA correlations
