FNGD vs ICL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ICL Group Ltd. (ICL) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ICL?
Across a 3-year window, the weekly returns of FNGD and ICL correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.28, with an annualized covariance of -756.6 %².
By 3-year correlation, ICL places #506 of the 1743 assets tracked against FNGD. The last year tells two different stories: ICL led by 45.1 percentage points, -55.7% for FNGD against -10.6% for ICL. Note the risk asymmetry: FNGD runs 2.0 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 ICL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ICL (ICL Group Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -10.6% |
| 5-year return | -99.4% | +2.5% |
| Volatility (ann.) | 75.7% | 37.8% |
| Beta vs S&P 500 | -4.54 | 0.81 |
| Max drawdown (3Y) | -97.6% | -35.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 23.6 |
| Dividend yield | 0.00% | 3.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ICL |
|---|---|---|
| 2022 | +52.2% | -16.9% |
| 2023 | -90.1% | -27.2% |
| 2024 | -76.6% | +2.8% |
| 2025 | -61.4% | +17.1% |
| 2026 | -49.5% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ICL good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ICL?
As of 2026-08-27, the correlation of weekly returns between FNGD and ICL is -0.26 over 3 years, -0.19 over 1 year and -0.28 over 5 years.
Is ICL a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-icl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-icl/)
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Related comparisons
Hubs: FNGD correlations · ICL correlations
