FNGD vs IE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ivanhoe Electric Inc. (IE) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IE?
Over the past 3 years, FNGD and IE moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.33). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1732.1 %².
By 3-year correlation, IE places #1039 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IE ahead by 86.8 points (-55.7% versus +31.1%).
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 IE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IE (Ivanhoe Electric Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +31.1% |
| 5-year return | -99.4% | +8.2% |
| Volatility (ann.) | 75.7% | 69.5% |
| Beta vs S&P 500 | -4.54 | 2.00 |
| Max drawdown (3Y) | -97.6% | -70.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IE |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | -17.0% |
| 2024 | -76.6% | -25.1% |
| 2025 | -61.4% | +111.7% |
| 2026 | -49.5% | -26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IE good diversifiers for each other?
Yes. With a correlation of -0.33, FNGD and IE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IE?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.47 over the last year and -0.32 over 5 years.
Is IE a good diversifier for FNGD?
Yes. With a correlation of -0.33, FNGD and IE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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-ie.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ie/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IE correlations
