FNGD vs LUNR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Intuitive Machines, Inc. (LUNR) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LUNR?
On 3 years of weekly data the FNGD/LUNR correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. The 5-year figure is -0.13, and annualized covariance runs at -3081.4 %².
Among the 1743 assets we track against FNGD, LUNR ranks #1231 by 3-year correlation. Correlation aside, the last 12 months split them widely, with LUNR ahead by 135.7 points (-55.7% versus +80.0%).
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 LUNR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LUNR (Intuitive Machines, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +80.0% |
| 5-year return | -99.4% | +67.7% |
| Volatility (ann.) | 75.7% | 109.4% |
| Beta vs S&P 500 | -4.54 | 3.31 |
| Max drawdown (3Y) | -97.6% | -75.1% |
| Market cap | – | $2.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LUNR |
|---|---|---|
| 2022 | +52.2% | +3.7% |
| 2023 | -90.1% | -74.4% |
| 2024 | -76.6% | +610.8% |
| 2025 | -61.4% | -10.6% |
| 2026 | -49.5% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LUNR good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LUNR?
As of 2026-08-27, the correlation of weekly returns between FNGD and LUNR is -0.37 over 3 years, -0.44 over 1 year and -0.13 over 5 years.
Is LUNR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · LUNR correlations
