FNGD vs IT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gartner (IT) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IT?
Over the past 3 years, FNGD and IT moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -970.6 %².
By 3-year correlation, IT places #963 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IT ahead by 35.5 points (-55.7% versus -20.2%). One caveat on sizing: FNGD is 1.9 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 IT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IT (Gartner) | |
|---|---|---|
| 1-year return | -55.7% | -20.2% |
| 5-year return | -99.4% | -36.0% |
| Volatility (ann.) | 75.7% | 40.6% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -77.2% |
| Market cap | – | $12.4B |
| P/E (trailing) | 20.6 | 17.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | IT |
|---|---|---|
| 2022 | +52.2% | +0.5% |
| 2023 | -90.1% | +34.2% |
| 2024 | -76.6% | +7.4% |
| 2025 | -61.4% | -47.9% |
| 2026 | -49.5% | -22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IT good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IT?
The FNGD/IT correlation stands at -0.32 on a 3-year window (1 year: -0.28, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is IT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-it.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-it/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IT correlations
