FNGD vs ICLN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Global Clean Energy ETF (ICLN) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ICLN?
Across a 3-year window, the weekly returns of FNGD and ICLN correlate at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.55 versus -0.35 over 3 years. Stretching to 5 years gives -0.42, with an annualized covariance of -644.1 %².
By 3-year correlation, ICLN places #1137 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months ICLN outperformed by 81.3 percentage points (-55.7% for FNGD against +25.6% for ICLN). Risk is not evenly split, since FNGD carries 3.2 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 ICLN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | -55.7% | +25.6% |
| 5-year return | -99.4% | -18.4% |
| Volatility (ann.) | 75.7% | 24.0% |
| Beta vs S&P 500 | -4.54 | 0.78 |
| Max drawdown (3Y) | -97.6% | -34.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.05% |
| Expense ratio | – | 0.39% |
| Assets under management | – | $2.3B |
| Sector / category | US Listed | ETF · Thematic |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Year-by-year returns
| Year | FNGD | ICLN |
|---|---|---|
| 2022 | +52.2% | -5.4% |
| 2023 | -90.1% | -20.4% |
| 2024 | -76.6% | -25.7% |
| 2025 | -61.4% | +47.0% |
| 2026 | -49.5% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ICLN good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ICLN?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.55 over the last year and -0.42 over 5 years.
Is ICLN a good diversifier for FNGD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
A reading of -0.35 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-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ICLN correlations
