FNGD vs MOD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Modine Manufacturing Company (MOD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MOD?
Over the past 3 years, FNGD and MOD moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.39). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1735.8 %².
Within FNGD's tracked universe of 1743 assets, MOD comes in at #1321 by 3-year correlation. The last year tells two different stories: MOD led by 88.4 percentage points, -55.7% for FNGD against +32.7% for MOD.
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 MOD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MOD (Modine Manufacturing Company) | |
|---|---|---|
| 1-year return | -55.7% | +32.7% |
| 5-year return | -99.4% | +1391.7% |
| Volatility (ann.) | 75.7% | 59.1% |
| Beta vs S&P 500 | -4.54 | 1.87 |
| Max drawdown (3Y) | -97.6% | -51.6% |
| Market cap | – | $9.9B |
| P/E (trailing) | 20.6 | 70.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MOD |
|---|---|---|
| 2022 | +52.2% | +96.8% |
| 2023 | -90.1% | +200.6% |
| 2024 | -76.6% | +94.2% |
| 2025 | -61.4% | +15.2% |
| 2026 | -49.5% | +39.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MOD good diversifiers for each other?
Yes. With a correlation of -0.39, FNGD and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MOD?
As of 2026-08-27, the correlation of weekly returns between FNGD and MOD is -0.39 over 3 years, -0.06 over 1 year and -0.37 over 5 years.
Is MOD a good diversifier for FNGD?
Yes. With a correlation of -0.39, FNGD and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
A reading of -0.39 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-mod.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mod/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · MOD correlations
