FNGD vs J: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Jacobs Solutions (J) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and J?
Over the past 3 years, FNGD and J moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -536.0 %².
By 3-year correlation, J places #700 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months J outperformed by 58.3 percentage points (-55.7% for FNGD against +2.6% for J). Risk is not evenly split, since FNGD carries 2.9 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 J: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | J (Jacobs Solutions) | |
|---|---|---|
| 1-year return | -55.7% | +2.6% |
| 5-year return | -99.4% | +40.5% |
| Volatility (ann.) | 75.7% | 25.7% |
| Beta vs S&P 500 | -4.54 | 0.77 |
| Max drawdown (3Y) | -97.6% | -34.4% |
| Market cap | – | $17.6B |
| P/E (trailing) | 20.6 | 49.9 |
| Dividend yield | 0.00% | 0.90% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | J |
|---|---|---|
| 2022 | +52.2% | -13.1% |
| 2023 | -90.1% | +9.0% |
| 2024 | -76.6% | +24.2% |
| 2025 | -61.4% | +1.1% |
| 2026 | -49.5% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and J good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and J have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and J?
The FNGD/J correlation stands at -0.28 on a 3-year window (1 year: -0.13, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is J a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and J have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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-j.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-j/)
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Related comparisons
Hubs: FNGD correlations · J correlations
