FNGD vs ITRI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Itron, Inc. (ITRI) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ITRI?
On 3 years of weekly data the FNGD/ITRI correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.30). The 5-year figure is -0.39, and annualized covariance runs at -870.1 %².
Within FNGD's tracked universe of 1743 assets, ITRI comes in at #838 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ITRI outperformed by 35.8 percentage points (-55.7% for FNGD against -19.9% for ITRI). 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 ITRI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ITRI (Itron, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -19.9% |
| 5-year return | -99.4% | +17.0% |
| Volatility (ann.) | 75.7% | 38.9% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -43.6% |
| Market cap | – | $4.3B |
| P/E (trailing) | 20.6 | 16.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ITRI |
|---|---|---|
| 2022 | +52.2% | -26.1% |
| 2023 | -90.1% | +49.1% |
| 2024 | -76.6% | +43.8% |
| 2025 | -61.4% | -14.5% |
| 2026 | -49.5% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ITRI good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ITRI?
As of 2026-08-27, the correlation of weekly returns between FNGD and ITRI is -0.30 over 3 years, -0.16 over 1 year and -0.39 over 5 years.
Is ITRI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-itri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-itri/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ITRI correlations
