FNGD vs NSC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Norfolk Southern (NSC) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NSC?
Across a 3-year window, the weekly returns of FNGD and NSC correlate at -0.18, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.25) runs above the 3-year figure (-0.18). Stretching to 5 years gives -0.27, with an annualized covariance of -295.7 %².
By 3-year correlation, NSC places #30 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NSC ahead by 85.7 points (-55.7% versus +30.0%). Note the risk asymmetry: FNGD runs 3.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NSC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NSC (Norfolk Southern) | |
|---|---|---|
| 1-year return | -55.7% | +30.0% |
| 5-year return | -99.4% | +49.6% |
| Volatility (ann.) | 75.7% | 22.0% |
| Beta vs S&P 500 | -4.54 | 0.69 |
| Max drawdown (3Y) | -97.6% | -25.1% |
| Market cap | – | $78.1B |
| P/E (trailing) | 20.6 | 30.1 |
| Dividend yield | 0.00% | 1.53% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | NSC |
|---|---|---|
| 2022 | +52.2% | -15.6% |
| 2023 | -90.1% | -1.6% |
| 2024 | -76.6% | +1.6% |
| 2025 | -61.4% | +25.6% |
| 2026 | -49.5% | +22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NSC good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NSC?
As of 2026-08-27, the correlation of weekly returns between FNGD and NSC is -0.18 over 3 years, 0.25 over 1 year and -0.27 over 5 years.
Is NSC a good diversifier for FNGD?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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-nsc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-nsc/)
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Related comparisons
Hubs: FNGD correlations · NSC correlations
