FNGD vs IREN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and IREN Limited (IREN) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IREN?
Across a 3-year window, the weekly returns of FNGD and IREN correlate at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.44 lands near the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -2970.1 %².
Among the 1743 assets we track against FNGD, IREN ranks #1188 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IREN ahead by 137.0 points (-55.7% versus +81.3%).
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 IREN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IREN (IREN Limited) | |
|---|---|---|
| 1-year return | -55.7% | +81.3% |
| 5-year return | -99.4% | +65.8% |
| Volatility (ann.) | 75.7% | 109.0% |
| Beta vs S&P 500 | -4.54 | 2.80 |
| Max drawdown (3Y) | -97.6% | -65.6% |
| Market cap | – | $14.5B |
| P/E (trailing) | 20.6 | 51.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IREN |
|---|---|---|
| 2022 | +52.2% | -92.3% |
| 2023 | -90.1% | +472.0% |
| 2024 | -76.6% | +37.3% |
| 2025 | -61.4% | +284.6% |
| 2026 | -49.5% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IREN good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IREN?
As of 2026-08-27, the correlation of weekly returns between FNGD and IREN is -0.36 over 3 years, -0.44 over 1 year and -0.28 over 5 years.
Is IREN a good diversifier for FNGD?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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-iren.json
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[](https://www.pairbook.io/pair/fngd-vs-iren/)
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Related comparisons
Hubs: FNGD correlations · IREN correlations
