FNGD vs LIND: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lindblad Expeditions Holdings Inc. (LIND) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LIND?
On 3 years of weekly data the FNGD/LIND correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.27). The 5-year figure is -0.32, and annualized covariance runs at -1400.0 %².
By 3-year correlation, LIND places #611 of the 1743 assets tracked against FNGD. The last year tells two different stories: LIND led by 156.1 percentage points, -55.7% for FNGD against +100.4% for LIND.
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 LIND: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LIND (Lindblad Expeditions Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +100.4% |
| 5-year return | -99.4% | +102.2% |
| Volatility (ann.) | 75.7% | 67.7% |
| Beta vs S&P 500 | -4.54 | 1.97 |
| Max drawdown (3Y) | -97.6% | -43.8% |
| Market cap | – | $2.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LIND |
|---|---|---|
| 2022 | +52.2% | -50.6% |
| 2023 | -90.1% | +46.4% |
| 2024 | -76.6% | +5.2% |
| 2025 | -61.4% | +21.6% |
| 2026 | -49.5% | +108.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LIND good diversifiers for each other?
Yes. With a correlation of -0.27, FNGD and LIND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LIND?
The FNGD/LIND correlation stands at -0.27 on a 3-year window (1 year: -0.11, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is LIND a good diversifier for FNGD?
Yes. With a correlation of -0.27, FNGD and LIND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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
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Related comparisons
Hubs: FNGD correlations · LIND correlations
