FNGD vs JBL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Jabil (JBL) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JBL?
On 3 years of weekly data the FNGD/JBL correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.46 over 3 years. The 5-year figure is -0.51, and annualized covariance runs at -1406.3 %².
By 3-year correlation, JBL places #1514 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months JBL outperformed by 106.1 percentage points (-55.7% for FNGD against +50.4% for JBL). Risk is not evenly split, since FNGD carries 1.9 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 JBL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JBL (Jabil) | |
|---|---|---|
| 1-year return | -55.7% | +50.4% |
| 5-year return | -99.4% | +405.5% |
| Volatility (ann.) | 75.7% | 40.6% |
| Beta vs S&P 500 | -4.54 | 1.47 |
| Max drawdown (3Y) | -97.6% | -36.8% |
| Market cap | – | $32.7B |
| P/E (trailing) | 20.6 | 38.9 |
| Dividend yield | 0.00% | 0.10% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | JBL |
|---|---|---|
| 2022 | +52.2% | -2.5% |
| 2023 | -90.1% | +87.4% |
| 2024 | -76.6% | +13.3% |
| 2025 | -61.4% | +58.7% |
| 2026 | -49.5% | +37.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JBL good diversifiers for each other?
Yes. With a correlation of -0.46, FNGD and JBL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JBL?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.25 over the last year and -0.51 over 5 years.
Is JBL a good diversifier for FNGD?
Yes. With a correlation of -0.46, FNGD and JBL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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-jbl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jbl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · JBL correlations
