FNGD vs LITE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lumentum (LITE) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LITE?
Over the past 3 years, FNGD and LITE moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.02 versus -0.36 over 3 years. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -1784.1 %².
By 3-year correlation, LITE places #1190 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months LITE outperformed by 715.5 percentage points (-55.7% for FNGD against +659.8% for LITE).
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 LITE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LITE (Lumentum) | |
|---|---|---|
| 1-year return | -55.7% | +659.8% |
| 5-year return | -99.4% | +998.1% |
| Volatility (ann.) | 75.7% | 65.5% |
| Beta vs S&P 500 | -4.54 | 2.36 |
| Max drawdown (3Y) | -97.6% | -50.6% |
| Market cap | – | $85.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | LITE |
|---|---|---|
| 2022 | +52.2% | -50.7% |
| 2023 | -90.1% | +0.5% |
| 2024 | -76.6% | +60.1% |
| 2025 | -61.4% | +339.1% |
| 2026 | -49.5% | +159.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LITE good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and LITE?
The FNGD/LITE correlation stands at -0.36 on a 3-year window (1 year: -0.02, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is LITE a good diversifier for FNGD?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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-lite.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-lite/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · LITE correlations
