FNGD vs NUE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nucor (NUE) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NUE?
Over the past 3 years, FNGD and NUE moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.14) than the 3-year average (-0.27). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -691.3 %².
By 3-year correlation, NUE places #620 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NUE outperformed by 125.8 percentage points (-55.7% for FNGD against +70.1% for NUE). Note the risk asymmetry: FNGD runs 2.3 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 NUE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NUE (Nucor) | |
|---|---|---|
| 1-year return | -55.7% | +70.1% |
| 5-year return | -99.4% | +124.6% |
| Volatility (ann.) | 75.7% | 33.3% |
| Beta vs S&P 500 | -4.54 | 1.08 |
| Max drawdown (3Y) | -97.6% | -47.8% |
| Market cap | – | $57.3B |
| P/E (trailing) | 20.6 | 20.1 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | NUE |
|---|---|---|
| 2022 | +52.2% | +17.4% |
| 2023 | -90.1% | +33.8% |
| 2024 | -76.6% | -32.0% |
| 2025 | -61.4% | +42.0% |
| 2026 | -49.5% | +55.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NUE good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NUE?
As of 2026-08-27, the correlation of weekly returns between FNGD and NUE is -0.27 over 3 years, -0.14 over 1 year and -0.36 over 5 years.
Is NUE a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-nue.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nue/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NUE correlations
