FNGD vs IVR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and INVESCO MORTGAGE CAPITAL INC (IVR) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IVR?
On 3 years of weekly data the FNGD/IVR correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.21). The 5-year figure is -0.33, and annualized covariance runs at -485.2 %².
By 3-year correlation, IVR places #123 of the 1743 assets tracked against FNGD. The last year tells two different stories: IVR led by 73.4 percentage points, -55.7% for FNGD against +17.7% for IVR. Risk is not evenly split, since FNGD carries 2.5 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 IVR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IVR (INVESCO MORTGAGE CAPITAL INC) | |
|---|---|---|
| 1-year return | -55.7% | +17.7% |
| 5-year return | -99.4% | -40.5% |
| Volatility (ann.) | 75.7% | 29.8% |
| Beta vs S&P 500 | -4.54 | 0.88 |
| Max drawdown (3Y) | -97.6% | -41.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | 4.7 |
| Dividend yield | 0.00% | 19.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | IVR |
|---|---|---|
| 2022 | +52.2% | -44.6% |
| 2023 | -90.1% | -14.3% |
| 2024 | -76.6% | +9.0% |
| 2025 | -61.4% | +24.9% |
| 2026 | -49.5% | -0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IVR good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and IVR?
The FNGD/IVR correlation stands at -0.21 on a 3-year window (1 year: -0.04, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is IVR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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-ivr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ivr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · IVR correlations
