FNGD vs PNR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Pentair (PNR) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PNR?
Across a 3-year window, the weekly returns of FNGD and PNR correlate at -0.36, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.36). Stretching to 5 years gives -0.47, with an annualized covariance of -768.6 %².
Among the 1743 assets we track against FNGD, PNR ranks #1197 by 3-year correlation. The trailing year gives PNR the advantage: -55.7% versus -42.5%, a 13.2-point spread. Note the risk asymmetry: FNGD runs 2.7 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 PNR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PNR (Pentair) | |
|---|---|---|
| 1-year return | -55.7% | -42.5% |
| 5-year return | -99.4% | -14.1% |
| Volatility (ann.) | 75.7% | 28.2% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -45.0% |
| Market cap | – | $9.9B |
| P/E (trailing) | 20.6 | 16.2 |
| Dividend yield | 0.00% | 1.65% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | PNR |
|---|---|---|
| 2022 | +52.2% | -37.4% |
| 2023 | -90.1% | +64.2% |
| 2024 | -76.6% | +40.0% |
| 2025 | -61.4% | +4.5% |
| 2026 | -49.5% | -39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PNR good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PNR?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.10 over the last year and -0.47 over 5 years.
Is PNR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PNR correlations
