FNGD vs LUV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Southwest Airlines (LUV) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LUV?
Over the past 3 years, FNGD and LUV moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.21). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -653.0 %².
By 3-year correlation, LUV places #125 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with LUV ahead by 77.7 points (-55.7% versus +22.0%). Risk is not evenly split, since FNGD carries 1.9 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 LUV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | -55.7% | +22.0% |
| 5-year return | -99.4% | -12.3% |
| Volatility (ann.) | 75.7% | 40.5% |
| Beta vs S&P 500 | -4.54 | 1.11 |
| Max drawdown (3Y) | -97.6% | -33.5% |
| Market cap | – | $19.5B |
| P/E (trailing) | 20.6 | 25.5 |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | LUV |
|---|---|---|
| 2022 | +52.2% | -21.4% |
| 2023 | -90.1% | -11.8% |
| 2024 | -76.6% | +19.1% |
| 2025 | -61.4% | +25.6% |
| 2026 | -49.5% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LUV good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LUV?
The FNGD/LUV correlation stands at -0.21 on a 3-year window (1 year: -0.08, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is LUV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · LUV correlations
