FNGD vs PENN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PENN Entertainment, Inc. (PENN) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PENN?
Over the past 3 years, FNGD and PENN moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.31). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1090.2 %².
Among the 1743 assets we track against FNGD, PENN ranks #911 by 3-year correlation. The last year tells two different stories: PENN led by 42.7 percentage points, -55.7% for FNGD against -13.0% for PENN. Risk is not evenly split, since FNGD carries 1.6 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 PENN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -13.0% |
| 5-year return | -99.4% | -78.7% |
| Volatility (ann.) | 75.7% | 47.0% |
| Beta vs S&P 500 | -4.54 | 1.50 |
| Max drawdown (3Y) | -97.6% | -55.8% |
| Market cap | – | $2.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PENN |
|---|---|---|
| 2022 | +52.2% | -42.7% |
| 2023 | -90.1% | -12.4% |
| 2024 | -76.6% | -23.8% |
| 2025 | -61.4% | -25.6% |
| 2026 | -49.5% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PENN good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PENN?
As of 2026-08-27, the correlation of weekly returns between FNGD and PENN is -0.31 over 3 years, -0.17 over 1 year and -0.37 over 5 years.
Is PENN a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · PENN correlations
