FNGD vs LNC: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lincoln National Corporation (LNC) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LNC?
Over the past 3 years, FNGD and LNC moved with a correlation of -0.29, 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 -0.36, and the annualized covariance of weekly returns is -741.1 %².
Within FNGD's tracked universe of 1743 assets, LNC comes in at #781 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LNC outperformed by 63.1 percentage points (-55.7% for FNGD against +7.4% for LNC). 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 LNC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LNC (Lincoln National Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +7.4% |
| 5-year return | -99.4% | -18.1% |
| Volatility (ann.) | 75.7% | 33.9% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -29.1% |
| Market cap | – | $8.3B |
| P/E (trailing) | 20.6 | 3.7 |
| Dividend yield | 0.00% | 4.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LNC |
|---|---|---|
| 2022 | +52.2% | -53.5% |
| 2023 | -90.1% | -5.6% |
| 2024 | -76.6% | +24.8% |
| 2025 | -61.4% | +48.0% |
| 2026 | -49.5% | +1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LNC good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LNC?
The FNGD/LNC correlation stands at -0.29 on a 3-year window (1 year: -0.19, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is LNC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-lnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lnc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LNC correlations
