FNGD vs IPM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Intelligent Protection Management Corp. (IPM) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IPM?
Over the past 3 years, FNGD and IPM moved with a correlation of -0.20, which is 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. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -1037.8 %².
By 3-year correlation, IPM places #88 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months IPM outperformed by 50.1 percentage points (-55.7% for FNGD against -5.6% for IPM).
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 IPM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IPM (Intelligent Protection Management Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -5.6% |
| 5-year return | -99.4% | -49.5% |
| Volatility (ann.) | 75.7% | 67.6% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -72.7% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IPM |
|---|---|---|
| 2022 | +52.2% | -53.5% |
| 2023 | -90.1% | +77.3% |
| 2024 | -76.6% | -15.0% |
| 2025 | -61.4% | -13.6% |
| 2026 | -49.5% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IPM good diversifiers for each other?
Yes. With a correlation of -0.20, FNGD and IPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IPM?
The FNGD/IPM correlation stands at -0.20 on a 3-year window (1 year: -0.28, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is IPM a good diversifier for FNGD?
Yes. With a correlation of -0.20, FNGD and IPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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-ipm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ipm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IPM correlations
