FNGD vs IRM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Iron Mountain (IRM) 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 IRM?
On 3 years of weekly data the FNGD/IRM correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.29). The 5-year figure is -0.35, and annualized covariance runs at -682.2 %².
Among the 1743 assets we track against FNGD, IRM ranks #777 by 3-year correlation. The last year tells two different stories: IRM led by 93.8 percentage points, -55.7% for FNGD against +38.1% for IRM. One caveat on sizing: FNGD is 2.5 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 IRM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IRM (Iron Mountain) | |
|---|---|---|
| 1-year return | -55.7% | +38.1% |
| 5-year return | -99.4% | +219.3% |
| Volatility (ann.) | 75.7% | 30.8% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -39.0% |
| Market cap | – | $36.5B |
| P/E (trailing) | 20.6 | 86.4 |
| Dividend yield | 0.00% | 2.78% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | FNGD | IRM |
|---|---|---|
| 2022 | +52.2% | -0.1% |
| 2023 | -90.1% | +46.5% |
| 2024 | -76.6% | +54.5% |
| 2025 | -61.4% | -18.2% |
| 2026 | -49.5% | +50.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IRM good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and IRM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and IRM?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.09 over the last year and -0.35 over 5 years.
Is IRM a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and IRM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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.
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Related comparisons
Hubs: FNGD correlations · IRM correlations
