FNGD vs ITRG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Integra Resources Corp. (ITRG) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ITRG?
Across a 3-year window, the weekly returns of FNGD and ITRG correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.27). Stretching to 5 years gives -0.28, with an annualized covariance of -1292.9 %².
Within FNGD's tracked universe of 1743 assets, ITRG comes in at #604 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ITRG outperformed by 95.0 percentage points (-55.7% for FNGD against +39.3% for ITRG).
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 ITRG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ITRG (Integra Resources Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +39.3% |
| 5-year return | -99.4% | +6.9% |
| Volatility (ann.) | 75.7% | 63.1% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -55.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 73.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ITRG |
|---|---|---|
| 2022 | +52.2% | -70.6% |
| 2023 | -90.1% | +67.5% |
| 2024 | -76.6% | -17.9% |
| 2025 | -61.4% | +360.9% |
| 2026 | -49.5% | -26.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ITRG good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ITRG?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.48 over the last year and -0.28 over 5 years.
Is ITRG a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · ITRG correlations
