FNGD vs JETS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and US Global Jets ETF (JETS) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JETS?
Across a 3-year window, the weekly returns of FNGD and JETS correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.37). Stretching to 5 years gives -0.42, with an annualized covariance of -821.9 %².
By 3-year correlation, JETS places #1227 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months JETS outperformed by 68.9 percentage points (-55.7% for FNGD against +13.2% for JETS). Note the risk asymmetry: FNGD runs 2.6 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 JETS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JETS (US Global Jets ETF) | |
|---|---|---|
| 1-year return | -55.7% | +13.2% |
| 5-year return | -99.4% | +30.9% |
| Volatility (ann.) | 75.7% | 29.2% |
| Beta vs S&P 500 | -4.54 | 1.16 |
| Max drawdown (3Y) | -97.6% | -35.2% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FNGD | JETS |
|---|---|---|
| 2022 | +52.2% | -19.0% |
| 2023 | -90.1% | +11.4% |
| 2024 | -76.6% | +33.2% |
| 2025 | -61.4% | +11.6% |
| 2026 | -49.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JETS good diversifiers for each other?
Yes. With a correlation of -0.37, FNGD and JETS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JETS?
As of 2026-08-27, the correlation of weekly returns between FNGD and JETS is -0.37 over 3 years, -0.25 over 1 year and -0.42 over 5 years.
Is JETS a good diversifier for FNGD?
Yes. With a correlation of -0.37, FNGD and JETS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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-jets.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-jets/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · JETS correlations
