FNGD vs ISRG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Intuitive Surgical (ISRG) trade together? Their weekly returns over three years give a correlation of -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ISRG?
Over the past 3 years, FNGD and ISRG moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.48). Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -1134.2 %².
By 3-year correlation, ISRG places #1554 of the 1743 assets tracked against FNGD. The last year tells two different stories: ISRG led by 33.6 percentage points, -55.7% for FNGD against -22.1% for ISRG. One caveat on sizing: FNGD is 2.4 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 ISRG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ISRG (Intuitive Surgical) | |
|---|---|---|
| 1-year return | -55.7% | -22.1% |
| 5-year return | -99.4% | +4.0% |
| Volatility (ann.) | 75.7% | 31.1% |
| Beta vs S&P 500 | -4.54 | 1.20 |
| Max drawdown (3Y) | -97.6% | -45.6% |
| Market cap | – | $131.5B |
| P/E (trailing) | 20.6 | 42.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FNGD | ISRG |
|---|---|---|
| 2022 | +52.2% | -26.1% |
| 2023 | -90.1% | +27.1% |
| 2024 | -76.6% | +54.7% |
| 2025 | -61.4% | +8.5% |
| 2026 | -49.5% | -35.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ISRG good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ISRG?
The FNGD/ISRG correlation stands at -0.48 on a 3-year window (1 year: -0.27, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is ISRG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
A reading of -0.48 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-isrg.json
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[](https://www.pairbook.io/pair/fngd-vs-isrg/)
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Related comparisons
Hubs: FNGD correlations · ISRG correlations
