FNGD vs INDI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and indie Semiconductor, Inc. (INDI) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and INDI?
Over the past 3 years, FNGD and INDI moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.29) runs above the 3-year figure (-0.39). Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -2540.8 %².
Within FNGD's tracked universe of 1743 assets, INDI comes in at #1312 by 3-year correlation. Correlation aside, the last 12 months split them widely, with INDI ahead by 42.8 points (-55.7% versus -12.9%).
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 INDI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | INDI (indie Semiconductor, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -12.9% |
| 5-year return | -99.4% | -59.1% |
| Volatility (ann.) | 75.7% | 86.4% |
| Beta vs S&P 500 | -4.54 | 3.07 |
| Max drawdown (3Y) | -97.6% | -81.3% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | INDI |
|---|---|---|
| 2022 | +52.2% | -51.4% |
| 2023 | -90.1% | +39.1% |
| 2024 | -76.6% | -50.1% |
| 2025 | -61.4% | -12.8% |
| 2026 | -49.5% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and INDI good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and INDI?
The FNGD/INDI correlation stands at -0.39 on a 3-year window (1 year: -0.29, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is INDI a good diversifier for FNGD?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-indi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-indi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · INDI correlations
