FNGD vs LYEL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lyell Immunopharma, Inc. (LYEL) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LYEL?
On 3 years of weekly data the FNGD/LYEL correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is -0.22, and annualized covariance runs at -1473.2 %².
Within FNGD's tracked universe of 1743 assets, LYEL comes in at #56 by 3-year correlation. Correlation aside, the last 12 months split them widely, with LYEL ahead by 85.2 points (-55.7% versus +29.5%).
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 LYEL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LYEL (Lyell Immunopharma, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +29.5% |
| 5-year return | -99.4% | -95.4% |
| Volatility (ann.) | 75.7% | 99.9% |
| Beta vs S&P 500 | -4.54 | 2.09 |
| Max drawdown (3Y) | -97.6% | -87.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LYEL |
|---|---|---|
| 2022 | +52.2% | -55.2% |
| 2023 | -90.1% | -44.1% |
| 2024 | -76.6% | -67.0% |
| 2025 | -61.4% | +140.5% |
| 2026 | -49.5% | -52.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LYEL good diversifiers for each other?
Yes. With a correlation of -0.19, FNGD and LYEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LYEL?
The FNGD/LYEL correlation stands at -0.19 on a 3-year window (1 year: -0.26, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is LYEL a good diversifier for FNGD?
Yes. With a correlation of -0.19, FNGD and LYEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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-lyel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-lyel/)
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Related comparisons
Hubs: FNGD correlations · LYEL correlations
