FNGD vs JEF: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Jefferies Financial Group Inc. (JEF) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JEF?
Across a 3-year window, the weekly returns of FNGD and JEF correlate at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.28) than the 3-year average (-0.41). Stretching to 5 years gives -0.46, with an annualized covariance of -1232.3 %².
By 3-year correlation, JEF places #1387 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with JEF ahead by 39.8 points (-55.7% versus -15.9%). One caveat on sizing: FNGD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 JEF: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JEF (Jefferies Financial Group Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -15.9% |
| 5-year return | -99.4% | +73.8% |
| Volatility (ann.) | 75.7% | 39.3% |
| Beta vs S&P 500 | -4.54 | 1.57 |
| Max drawdown (3Y) | -97.6% | -54.4% |
| Market cap | – | $10.7B |
| P/E (trailing) | 20.6 | 14.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JEF |
|---|---|---|
| 2022 | +52.2% | -8.5% |
| 2023 | -90.1% | +27.7% |
| 2024 | -76.6% | +98.8% |
| 2025 | -61.4% | -18.8% |
| 2026 | -49.5% | -12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JEF good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and JEF?
The FNGD/JEF correlation stands at -0.41 on a 3-year window (1 year: -0.28, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is JEF a good diversifier for FNGD?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 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
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[](https://www.pairbook.io/pair/fngd-vs-jef/)
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Related comparisons
Hubs: FNGD correlations · JEF correlations
