FNGD vs IVV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares Core S&P 500 ETF (IVV) trade together? Their weekly returns over three years give a correlation of -0.87, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and IVV?
Across a 3-year window, the weekly returns of FNGD and IVV correlate at -0.87, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.85) sits close to the 3-year figure. Stretching to 5 years gives -0.84, with an annualized covariance of -955.5 %².
By 3-year correlation, IVV places #1735 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with IVV ahead by 76.4 points (-55.7% versus +20.7%). Risk is not evenly split, since FNGD carries 5.2 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 IVV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | -55.7% | +20.7% |
| 5-year return | -99.4% | +83.0% |
| Volatility (ann.) | 75.7% | 14.5% |
| Beta vs S&P 500 | -4.54 | 1.00 |
| Max drawdown (3Y) | -97.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.09% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $869.2B |
| Sector / category | US Listed | ETF · US Large Cap |
IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | FNGD | IVV |
|---|---|---|
| 2022 | +52.2% | -18.2% |
| 2023 | -90.1% | +26.3% |
| 2024 | -76.6% | +24.9% |
| 2025 | -61.4% | +17.8% |
| 2026 | -49.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and IVV good diversifiers for each other?
Yes: at -0.87, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and IVV?
The FNGD/IVV correlation stands at -0.87 on a 3-year window (1 year: -0.85, 5 years: -0.84), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for FNGD?
Yes: at -0.87, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.87 mean?
On the −1 to +1 scale, -0.87 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-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ivv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · IVV correlations
