FNGD vs LOCO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and El Pollo Loco Holdings, Inc. (LOCO) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LOCO?
On 3 years of weekly data the FNGD/LOCO correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.24 over 3 years. The 5-year figure is -0.26, and annualized covariance runs at -614.0 %².
By 3-year correlation, LOCO places #342 of the 1743 assets tracked against FNGD. The last year tells two different stories: LOCO led by 98.0 percentage points, -55.7% for FNGD against +42.3% for LOCO. Risk is not evenly split, since FNGD carries 2.2 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 LOCO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LOCO (El Pollo Loco Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +42.3% |
| 5-year return | -99.4% | -3.0% |
| Volatility (ann.) | 75.7% | 33.9% |
| Beta vs S&P 500 | -4.54 | 0.82 |
| Max drawdown (3Y) | -97.6% | -35.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 13.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LOCO |
|---|---|---|
| 2022 | +52.2% | -19.0% |
| 2023 | -90.1% | -11.4% |
| 2024 | -76.6% | +30.8% |
| 2025 | -61.4% | -9.4% |
| 2026 | -49.5% | +45.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LOCO good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and LOCO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LOCO?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.01 over the last year and -0.26 over 5 years.
Is LOCO a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and LOCO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-loco.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-loco/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LOCO correlations
