FNGD vs JPM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and JPMorgan Chase (JPM) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JPM?
Over the past 3 years, FNGD and JPM moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.42 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -739.3 %².
Within FNGD's tracked universe of 1743 assets, JPM comes in at #1419 by 3-year correlation. Correlation aside, the last 12 months split them widely, with JPM ahead by 76.3 points (-55.7% versus +20.6%). Risk is not evenly split, since FNGD carries 3.3 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 JPM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JPM (JPMorgan Chase) | |
|---|---|---|
| 1-year return | -55.7% | +20.6% |
| 5-year return | -99.4% | +150.2% |
| Volatility (ann.) | 75.7% | 23.2% |
| Beta vs S&P 500 | -4.54 | 1.01 |
| Max drawdown (3Y) | -97.6% | -24.4% |
| Market cap | – | $941.6B |
| P/E (trailing) | 20.6 | 15.2 |
| Dividend yield | 0.00% | 1.68% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | JPM |
|---|---|---|
| 2022 | +52.2% | -12.6% |
| 2023 | -90.1% | +30.6% |
| 2024 | -76.6% | +44.3% |
| 2025 | -61.4% | +37.3% |
| 2026 | -49.5% | +11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JPM good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and JPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JPM?
The FNGD/JPM correlation stands at -0.42 on a 3-year window (1 year: -0.11, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is JPM a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and JPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 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-jpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-jpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JPM correlations
