FNGD vs IDCC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and InterDigital, Inc. (IDCC) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IDCC?
Across a 3-year window, the weekly returns of FNGD and IDCC correlate at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.34, with an annualized covariance of -885.9 %².
By 3-year correlation, IDCC places #837 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IDCC ahead by 80.9 points (-55.7% versus +25.2%). Note the risk asymmetry: FNGD runs 1.9 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 IDCC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IDCC (InterDigital, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +25.2% |
| 5-year return | -99.4% | +406.1% |
| Volatility (ann.) | 75.7% | 38.9% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -36.5% |
| Market cap | – | $8.6B |
| P/E (trailing) | 20.6 | 39.4 |
| Dividend yield | 0.00% | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IDCC |
|---|---|---|
| 2022 | +52.2% | -29.3% |
| 2023 | -90.1% | +123.7% |
| 2024 | -76.6% | +81.1% |
| 2025 | -61.4% | +66.0% |
| 2026 | -49.5% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IDCC good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IDCC?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.28 over the last year and -0.34 over 5 years.
Is IDCC a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-idcc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-idcc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IDCC correlations
