FNGD vs JCI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Johnson Controls (JCI) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JCI?
Over the past 3 years, FNGD and JCI moved with a correlation of -0.32, which is 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 (-0.32). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -671.6 %².
Within FNGD's tracked universe of 1743 assets, JCI comes in at #964 by 3-year correlation. Correlation aside, the last 12 months split them widely, with JCI ahead by 86.6 points (-55.7% versus +30.9%). Note the risk asymmetry: FNGD runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 JCI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JCI (Johnson Controls) | |
|---|---|---|
| 1-year return | -55.7% | +30.9% |
| 5-year return | -99.4% | +108.2% |
| Volatility (ann.) | 75.7% | 28.1% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -21.1% |
| Market cap | – | $86.1B |
| P/E (trailing) | 20.6 | 40.1 |
| Dividend yield | 0.00% | 1.11% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | JCI |
|---|---|---|
| 2022 | +52.2% | -19.3% |
| 2023 | -90.1% | -7.6% |
| 2024 | -76.6% | +39.8% |
| 2025 | -61.4% | +53.0% |
| 2026 | -49.5% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JCI good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and JCI?
The FNGD/JCI correlation stands at -0.32 on a 3-year window (1 year: 0.10, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is JCI a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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-jci.json
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Related comparisons
Hubs: FNGD correlations · JCI correlations
