FNGD vs ICE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Intercontinental Exchange (ICE) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ICE?
On 3 years of weekly data the FNGD/ICE correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.22 lands near the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -520.4 %².
Within FNGD's tracked universe of 1743 assets, ICE comes in at #960 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ICE outperformed by 47.8 percentage points (-55.7% for FNGD against -7.9% for ICE). Risk is not evenly split, since FNGD carries 3.6 times the volatility of the other side.
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 ICE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | -55.7% | -7.9% |
| 5-year return | -99.4% | +44.2% |
| Volatility (ann.) | 75.7% | 21.2% |
| Beta vs S&P 500 | -4.54 | 0.62 |
| Max drawdown (3Y) | -97.6% | -33.9% |
| Market cap | – | $90.5B |
| P/E (trailing) | 20.6 | 22.7 |
| Dividend yield | 0.00% | 1.24% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | ICE |
|---|---|---|
| 2022 | +52.2% | -23.9% |
| 2023 | -90.1% | +27.1% |
| 2024 | -76.6% | +17.5% |
| 2025 | -61.4% | +9.9% |
| 2026 | -49.5% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ICE good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ICE?
The FNGD/ICE correlation stands at -0.32 on a 3-year window (1 year: -0.22, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is ICE a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-ice.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ice/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · ICE correlations
