FNGD vs ING: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ING Group, N.V. (ING) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ING?
Over the past 3 years, FNGD and ING moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.32 over 3 years. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -663.0 %².
By 3-year correlation, ING places #962 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months ING outperformed by 108.2 percentage points (-55.7% for FNGD against +52.5% for ING). One caveat on sizing: FNGD is 2.8 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 ING: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ING (ING Group, N.V.) | |
|---|---|---|
| 1-year return | -55.7% | +52.5% |
| 5-year return | -99.4% | +269.9% |
| Volatility (ann.) | 75.7% | 27.5% |
| Beta vs S&P 500 | -4.54 | 0.94 |
| Max drawdown (3Y) | -97.6% | -19.9% |
| Market cap | – | $100.1B |
| P/E (trailing) | 20.6 | 13.2 |
| Dividend yield | 0.00% | 3.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ING |
|---|---|---|
| 2022 | +52.2% | -4.2% |
| 2023 | -90.1% | +31.9% |
| 2024 | -76.6% | +12.2% |
| 2025 | -61.4% | +88.3% |
| 2026 | -49.5% | +30.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ING good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and ING have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ING?
The FNGD/ING correlation stands at -0.32 on a 3-year window (1 year: -0.45, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is ING a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and ING have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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-ing.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ing/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · ING correlations
