FNGD vs ITW: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Illinois Tool Works (ITW) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ITW?
Across a 3-year window, the weekly returns of FNGD and ITW correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.19). Stretching to 5 years gives -0.36, with an annualized covariance of -268.9 %².
Among the 1743 assets we track against FNGD, ITW ranks #53 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ITW outperformed by 63.9 percentage points (-55.7% for FNGD against +8.2% for ITW). Risk is not evenly split, since FNGD carries 4.0 times the volatility of the other side.
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 ITW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ITW (Illinois Tool Works) | |
|---|---|---|
| 1-year return | -55.7% | +8.2% |
| 5-year return | -99.4% | +36.1% |
| Volatility (ann.) | 75.7% | 19.0% |
| Beta vs S&P 500 | -4.54 | 0.64 |
| Max drawdown (3Y) | -97.6% | -20.6% |
| Market cap | – | $80.2B |
| P/E (trailing) | 20.6 | 25.8 |
| Dividend yield | 0.00% | 2.26% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | ITW |
|---|---|---|
| 2022 | +52.2% | -8.5% |
| 2023 | -90.1% | +21.6% |
| 2024 | -76.6% | -1.0% |
| 2025 | -61.4% | -0.4% |
| 2026 | -49.5% | +15.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ITW good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and ITW?
As of 2026-08-27, the correlation of weekly returns between FNGD and ITW is -0.19 over 3 years, 0.10 over 1 year and -0.36 over 5 years.
Is ITW a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-itw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-itw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · ITW correlations
