FNGD vs PDLB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ponce Financial Group, Inc. (PDLB) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PDLB?
Over the past 3 years, FNGD and PDLB moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.26 over 3 years. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -502.7 %².
Among the 1743 assets we track against FNGD, PDLB ranks #525 by 3-year correlation. The last year tells two different stories: PDLB led by 92.1 percentage points, -55.7% for FNGD against +36.4% for PDLB. One caveat on sizing: FNGD is 3.0 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 PDLB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PDLB (Ponce Financial Group, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +36.4% |
| 5-year return | -99.4% | +106.7% |
| Volatility (ann.) | 75.7% | 25.5% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -21.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 14.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PDLB |
|---|---|---|
| 2022 | +52.2% | -10.3% |
| 2023 | -90.1% | +4.7% |
| 2024 | -76.6% | +33.2% |
| 2025 | -61.4% | +25.8% |
| 2026 | -49.5% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PDLB good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PDLB?
As of 2026-08-27, the correlation of weekly returns between FNGD and PDLB is -0.26 over 3 years, -0.04 over 1 year and -0.20 over 5 years.
Is PDLB a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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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Related comparisons
Hubs: FNGD correlations · PDLB correlations
