FNGD vs LOAR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Loar Holdings Inc. (LOAR) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LOAR?
On 3 years of weekly data the FNGD/LOAR correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1231.6 %².
By 3-year correlation, LOAR places #969 of the 1743 assets tracked against FNGD. The last year tells two different stories: LOAR led by 55.3 percentage points, -55.7% for FNGD against -0.4% for LOAR. One caveat on sizing: FNGD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 LOAR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LOAR (Loar Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -0.4% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 49.2% |
| Beta vs S&P 500 | -4.54 | 1.21 |
| Max drawdown (3Y) | -97.6% | -46.0% |
| Market cap | – | $6.8B |
| P/E (trailing) | 20.6 | 102.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LOAR |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -8.0% |
| 2026 | -49.5% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LOAR good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and LOAR?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.30 over the last year and n/a over 5 years.
Is LOAR a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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-loar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-loar/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LOAR correlations
