FNGD vs PCYO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Pure Cycle Corporation (PCYO) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PCYO?
Across a 3-year window, the weekly returns of FNGD and PCYO correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Stretching to 5 years gives -0.28, with an annualized covariance of -533.2 %².
Among the 1743 assets we track against FNGD, PCYO ranks #449 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PCYO ahead by 67.6 points (-55.7% versus +11.9%). One caveat on sizing: FNGD is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PCYO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PCYO (Pure Cycle Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +11.9% |
| 5-year return | -99.4% | -24.0% |
| Volatility (ann.) | 75.7% | 27.7% |
| Beta vs S&P 500 | -4.54 | 0.73 |
| Max drawdown (3Y) | -97.6% | -33.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | 18.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PCYO |
|---|---|---|
| 2022 | +52.2% | -28.2% |
| 2023 | -90.1% | -0.1% |
| 2024 | -76.6% | +21.1% |
| 2025 | -61.4% | -13.3% |
| 2026 | -49.5% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PCYO good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PCYO?
The FNGD/PCYO correlation stands at -0.25 on a 3-year window (1 year: -0.33, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is PCYO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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[](https://www.pairbook.io/pair/fngd-vs-pcyo/)
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Related comparisons
Hubs: FNGD correlations · PCYO correlations
