FNGD vs JXN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Jackson Financial Inc. (JXN) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JXN?
On 3 years of weekly data the FNGD/JXN correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.35). The 5-year figure is -0.35, and annualized covariance runs at -922.4 %².
Among the 1743 assets we track against FNGD, JXN ranks #1142 by 3-year correlation. The last year tells two different stories: JXN led by 96.7 percentage points, -55.7% for FNGD against +41.0% for JXN. Note the risk asymmetry: FNGD runs 2.2 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 JXN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JXN (Jackson Financial Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +41.0% |
| 5-year return | -99.4% | +434.8% |
| Volatility (ann.) | 75.7% | 34.5% |
| Beta vs S&P 500 | -4.54 | 1.32 |
| Max drawdown (3Y) | -97.6% | -37.1% |
| Market cap | – | $9.0B |
| P/E (trailing) | 20.6 | 146.7 |
| Dividend yield | 0.00% | 2.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JXN |
|---|---|---|
| 2022 | +52.2% | -11.5% |
| 2023 | -90.1% | +57.2% |
| 2024 | -76.6% | +76.5% |
| 2025 | -61.4% | +26.9% |
| 2026 | -49.5% | +27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JXN good diversifiers for each other?
Yes. With a correlation of -0.35, FNGD and JXN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and JXN?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.21 over the last year and -0.35 over 5 years.
Is JXN a good diversifier for FNGD?
Yes. With a correlation of -0.35, FNGD and JXN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-jxn.json
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Related comparisons
Hubs: FNGD correlations · JXN correlations
