FNGD vs LAD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lithia Motors, Inc. (LAD) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LAD?
Over the past 3 years, FNGD and LAD moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -717.1 %².
By 3-year correlation, LAD places #608 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months LAD outperformed by 65.7 percentage points (-55.7% for FNGD against +10.0% for LAD). Risk is not evenly split, since FNGD carries 2.1 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 LAD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LAD (Lithia Motors, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +10.0% |
| 5-year return | -99.4% | +17.3% |
| Volatility (ann.) | 75.7% | 35.4% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -37.8% |
| Market cap | – | $8.2B |
| P/E (trailing) | 20.6 | 12.3 |
| Dividend yield | 0.00% | 0.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LAD |
|---|---|---|
| 2022 | +52.2% | -30.6% |
| 2023 | -90.1% | +62.0% |
| 2024 | -76.6% | +9.3% |
| 2025 | -61.4% | -6.3% |
| 2026 | -49.5% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LAD good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LAD?
The FNGD/LAD correlation stands at -0.27 on a 3-year window (1 year: -0.19, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is LAD a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-lad.json
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Related comparisons
Hubs: FNGD correlations · LAD correlations
