FNGD vs PATK: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Patrick Industries, Inc. (PATK) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PATK?
On 3 years of weekly data the FNGD/PATK correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.05 versus -0.23 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -606.8 %².
Among the 1743 assets we track against FNGD, PATK ranks #272 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PATK ahead by 29.9 points (-55.7% versus -25.8%). Note the risk asymmetry: FNGD runs 2.1 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 PATK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PATK (Patrick Industries, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -25.8% |
| 5-year return | -99.4% | +62.2% |
| Volatility (ann.) | 75.7% | 35.5% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -42.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | 19.9 |
| Dividend yield | 0.00% | 2.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PATK |
|---|---|---|
| 2022 | +52.2% | -23.1% |
| 2023 | -90.1% | +69.6% |
| 2024 | -76.6% | +26.5% |
| 2025 | -61.4% | +32.7% |
| 2026 | -49.5% | -22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PATK good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PATK?
As of 2026-08-27, the correlation of weekly returns between FNGD and PATK is -0.23 over 3 years, 0.05 over 1 year and -0.33 over 5 years.
Is PATK a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
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Hubs: FNGD correlations · PATK correlations
