FNGD vs JELD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and JELD-WEN Holding, Inc. (JELD) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JELD?
On 3 years of weekly data the FNGD/JELD correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.32). The 5-year figure is -0.34, and annualized covariance runs at -1927.9 %².
Among the 1743 assets we track against FNGD, JELD ranks #965 by 3-year correlation. The trailing year gives FNGD the advantage: -55.7% versus -63.7%, a 8.0-point spread.
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 JELD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JELD (JELD-WEN Holding, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -63.7% |
| 5-year return | -99.4% | -92.5% |
| Volatility (ann.) | 75.7% | 80.7% |
| Beta vs S&P 500 | -4.54 | 2.01 |
| Max drawdown (3Y) | -97.6% | -95.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JELD |
|---|---|---|
| 2022 | +52.2% | -63.4% |
| 2023 | -90.1% | +95.6% |
| 2024 | -76.6% | -56.6% |
| 2025 | -61.4% | -70.0% |
| 2026 | -49.5% | -11.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JELD 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 JELD?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.48 over the last year and -0.34 over 5 years.
Is JELD 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?
On the −1 to +1 scale, -0.32 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-jeld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-jeld/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · JELD correlations
