FNGD vs LECO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lincoln Electric Holdings, Inc. (LECO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LECO?
On 3 years of weekly data the FNGD/LECO correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.31 over 3 years. The 5-year figure is -0.40, and annualized covariance runs at -659.8 %².
Within FNGD's tracked universe of 1743 assets, LECO comes in at #901 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LECO outperformed by 74.1 percentage points (-55.7% for FNGD against +18.4% for LECO). Risk is not evenly split, since FNGD carries 2.7 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 LECO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LECO (Lincoln Electric Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +18.4% |
| 5-year return | -99.4% | +120.5% |
| Volatility (ann.) | 75.7% | 27.9% |
| Beta vs S&P 500 | -4.54 | 1.03 |
| Max drawdown (3Y) | -97.6% | -34.3% |
| Market cap | – | $15.8B |
| P/E (trailing) | 20.6 | 29.0 |
| Dividend yield | 0.00% | 1.08% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LECO |
|---|---|---|
| 2022 | +52.2% | +5.4% |
| 2023 | -90.1% | +52.6% |
| 2024 | -76.6% | -12.6% |
| 2025 | -61.4% | +29.6% |
| 2026 | -49.5% | +21.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LECO good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and LECO?
The FNGD/LECO correlation stands at -0.31 on a 3-year window (1 year: -0.17, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is LECO a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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-leco.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-leco/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LECO correlations
