FNGD vs IEX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IDEX Corporation (IEX) 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 IEX?
On 3 years of weekly data the FNGD/IEX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.32). The 5-year figure is -0.36, and annualized covariance runs at -572.3 %².
By 3-year correlation, IEX places #961 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IEX ahead by 98.7 points (-55.7% versus +43.0%). One caveat on sizing: FNGD is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 IEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +43.0% |
| 5-year return | -99.4% | +10.5% |
| Volatility (ann.) | 75.7% | 23.3% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -34.6% |
| Market cap | – | $17.2B |
| P/E (trailing) | 20.6 | 33.8 |
| Dividend yield | 0.00% | 1.23% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | IEX |
|---|---|---|
| 2022 | +52.2% | -2.2% |
| 2023 | -90.1% | -3.8% |
| 2024 | -76.6% | -2.4% |
| 2025 | -61.4% | -13.7% |
| 2026 | -49.5% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IEX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.08 over the last year and -0.36 over 5 years.
Is IEX a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
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-iex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-iex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IEX correlations
