FNGD vs PNC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PNC Financial Services (PNC) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PNC?
Across a 3-year window, the weekly returns of FNGD and PNC correlate at -0.20, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.07) runs above the 3-year figure (-0.20). Stretching to 5 years gives -0.31, with an annualized covariance of -392.1 %².
By 3-year correlation, PNC places #93 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months PNC outperformed by 77.8 percentage points (-55.7% for FNGD against +22.1% for PNC). Note the risk asymmetry: FNGD runs 3.0 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 PNC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PNC (PNC Financial Services) | |
|---|---|---|
| 1-year return | -55.7% | +22.1% |
| 5-year return | -99.4% | +53.5% |
| Volatility (ann.) | 75.7% | 25.6% |
| Beta vs S&P 500 | -4.54 | 0.92 |
| Max drawdown (3Y) | -97.6% | -29.8% |
| Market cap | – | $97.1B |
| P/E (trailing) | 20.6 | 13.5 |
| Dividend yield | 0.00% | 2.78% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | PNC |
|---|---|---|
| 2022 | +52.2% | -18.6% |
| 2023 | -90.1% | +2.7% |
| 2024 | -76.6% | +29.4% |
| 2025 | -61.4% | +12.2% |
| 2026 | -49.5% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PNC good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PNC?
The FNGD/PNC correlation stands at -0.20 on a 3-year window (1 year: 0.07, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is PNC a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PNC correlations
