FNGD vs NPO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Enpro Inc. (NPO) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NPO?
Over the past 3 years, FNGD and NPO moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.35). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -921.7 %².
Within FNGD's tracked universe of 1743 assets, NPO comes in at #1147 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NPO outperformed by 92.8 percentage points (-55.7% for FNGD against +37.1% for NPO). Risk is not evenly split, since FNGD carries 2.2 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 NPO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NPO (Enpro Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +37.1% |
| 5-year return | -99.4% | +270.5% |
| Volatility (ann.) | 75.7% | 34.4% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -33.7% |
| Market cap | – | $6.5B |
| P/E (trailing) | 20.6 | 149.1 |
| Dividend yield | 0.00% | 0.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NPO |
|---|---|---|
| 2022 | +52.2% | -0.2% |
| 2023 | -90.1% | +45.6% |
| 2024 | -76.6% | +10.9% |
| 2025 | -61.4% | +25.0% |
| 2026 | -49.5% | +44.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NPO good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NPO?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.18 over the last year and -0.36 over 5 years.
Is NPO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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-npo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-npo/)
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Related comparisons
Hubs: FNGD correlations · NPO correlations
