FNGD vs PEB: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Pebblebrook Hotel Trust (PEB) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PEB?
Across a 3-year window, the weekly returns of FNGD and PEB correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.26). Stretching to 5 years gives -0.37, with an annualized covariance of -695.2 %².
By 3-year correlation, PEB places #526 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months PEB outperformed by 118.8 percentage points (-55.7% for FNGD against +63.1% for PEB). Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 PEB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PEB (Pebblebrook Hotel Trust) | |
|---|---|---|
| 1-year return | -55.7% | +63.1% |
| 5-year return | -99.4% | -14.2% |
| Volatility (ann.) | 75.7% | 35.5% |
| Beta vs S&P 500 | -4.54 | 1.16 |
| Max drawdown (3Y) | -97.6% | -53.4% |
| Market cap | – | $2.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PEB |
|---|---|---|
| 2022 | +52.2% | -40.0% |
| 2023 | -90.1% | +19.7% |
| 2024 | -76.6% | -15.0% |
| 2025 | -61.4% | -16.1% |
| 2026 | -49.5% | +61.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PEB good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and PEB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PEB?
The FNGD/PEB correlation stands at -0.26 on a 3-year window (1 year: 0.08, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is PEB a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and PEB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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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Related comparisons
Hubs: FNGD correlations · PEB correlations
