FNGD vs NRG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NRG Energy (NRG) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NRG?
Across a 3-year window, the weekly returns of FNGD and NRG correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.11) than the 3-year average (-0.32). Stretching to 5 years gives -0.27, with an annualized covariance of -1080.5 %².
By 3-year correlation, NRG places #976 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NRG ahead by 33.9 points (-55.7% versus -21.8%). Risk is not evenly split, since FNGD carries 1.7 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 NRG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NRG (NRG Energy) | |
|---|---|---|
| 1-year return | -55.7% | -21.8% |
| 5-year return | -99.4% | +191.5% |
| Volatility (ann.) | 75.7% | 44.4% |
| Beta vs S&P 500 | -4.54 | 1.30 |
| Max drawdown (3Y) | -97.6% | -38.9% |
| Market cap | – | $24.1B |
| P/E (trailing) | 20.6 | 30.2 |
| Dividend yield | 0.00% | 1.61% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | FNGD | NRG |
|---|---|---|
| 2022 | +52.2% | -23.5% |
| 2023 | -90.1% | +69.4% |
| 2024 | -76.6% | +78.6% |
| 2025 | -61.4% | +78.9% |
| 2026 | -49.5% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NRG good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NRG?
The FNGD/NRG correlation stands at -0.32 on a 3-year window (1 year: 0.11, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is NRG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nrg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nrg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NRG correlations
