FNGD vs IR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ingersoll Rand (IR) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IR?
Over the past 3 years, FNGD and IR moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.03) than the 3-year average (-0.35). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -791.9 %².
Among the 1743 assets we track against FNGD, IR ranks #1139 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IR outperformed by 53.7 percentage points (-55.7% for FNGD against -2.0% for IR). Note the risk asymmetry: FNGD runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IR (Ingersoll Rand) | |
|---|---|---|
| 1-year return | -55.7% | -2.0% |
| 5-year return | -99.4% | +49.2% |
| Volatility (ann.) | 75.7% | 29.8% |
| Beta vs S&P 500 | -4.54 | 1.17 |
| Max drawdown (3Y) | -97.6% | -36.6% |
| Market cap | – | $30.6B |
| P/E (trailing) | 20.6 | 32.6 |
| Dividend yield | 0.00% | 0.15% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | IR |
|---|---|---|
| 2022 | +52.2% | -15.4% |
| 2023 | -90.1% | +48.2% |
| 2024 | -76.6% | +17.1% |
| 2025 | -61.4% | -12.3% |
| 2026 | -49.5% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IR good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and IR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IR?
The FNGD/IR correlation stands at -0.35 on a 3-year window (1 year: 0.03, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is IR a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and IR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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-ir.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ir/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · IR correlations
