FNGD vs LPLA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and LPL Financial Holdings Inc. (LPLA) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LPLA?
Across a 3-year window, the weekly returns of FNGD and LPLA correlate at -0.36, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.36). Stretching to 5 years gives -0.31, with an annualized covariance of -933.7 %².
Within FNGD's tracked universe of 1743 assets, LPLA comes in at #1192 by 3-year correlation. The last year tells two different stories: LPLA led by 54.8 percentage points, -55.7% for FNGD against -0.9% for LPLA. One caveat on sizing: FNGD is 2.2 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 LPLA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LPLA (LPL Financial Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -0.9% |
| 5-year return | -99.4% | +149.0% |
| Volatility (ann.) | 75.7% | 34.6% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -33.2% |
| Market cap | – | $28.4B |
| P/E (trailing) | 20.6 | 28.8 |
| Dividend yield | 0.00% | 0.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LPLA |
|---|---|---|
| 2022 | +52.2% | +35.7% |
| 2023 | -90.1% | +5.9% |
| 2024 | -76.6% | +44.1% |
| 2025 | -61.4% | +9.8% |
| 2026 | -49.5% | +1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LPLA 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 LPLA?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.19 over the last year and -0.31 over 5 years.
Is LPLA 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-lpla.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-lpla/)
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Related comparisons
Hubs: FNGD correlations · LPLA correlations
