FNGD vs IPWR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ideal Power Inc. (IPWR) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IPWR?
On 3 years of weekly data the FNGD/IPWR correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.29 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -1883.6 %².
Within FNGD's tracked universe of 1743 assets, IPWR comes in at #776 by 3-year correlation. The last year tells two different stories: IPWR led by 52.0 percentage points, -55.7% for FNGD against -3.7% for IPWR.
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 IPWR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IPWR (Ideal Power Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -3.7% |
| 5-year return | -99.4% | -68.3% |
| Volatility (ann.) | 75.7% | 86.2% |
| Beta vs S&P 500 | -4.54 | 1.72 |
| Max drawdown (3Y) | -97.6% | -80.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IPWR |
|---|---|---|
| 2022 | +52.2% | -11.3% |
| 2023 | -90.1% | -27.4% |
| 2024 | -76.6% | -2.8% |
| 2025 | -61.4% | -59.1% |
| 2026 | -49.5% | +60.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IPWR good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and IPWR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IPWR?
The FNGD/IPWR correlation stands at -0.29 on a 3-year window (1 year: -0.50, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is IPWR a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and IPWR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-ipwr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ipwr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IPWR correlations
