FNGD vs PPG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PPG Industries (PPG) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PPG?
On 3 years of weekly data the FNGD/PPG correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.02) than the 3-year average (-0.25). The 5-year figure is -0.40, and annualized covariance runs at -489.2 %².
Among the 1743 assets we track against FNGD, PPG ranks #452 by 3-year correlation. The last year tells two different stories: PPG led by 59.5 percentage points, -55.7% for FNGD against +3.8% for PPG. 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 PPG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | -55.7% | +3.8% |
| 5-year return | -99.4% | -22.0% |
| Volatility (ann.) | 75.7% | 25.5% |
| Beta vs S&P 500 | -4.54 | 0.90 |
| Max drawdown (3Y) | -97.6% | -37.4% |
| Market cap | – | $25.2B |
| P/E (trailing) | 20.6 | 16.4 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | PPG |
|---|---|---|
| 2022 | +52.2% | -25.7% |
| 2023 | -90.1% | +21.2% |
| 2024 | -76.6% | -18.5% |
| 2025 | -61.4% | -12.0% |
| 2026 | -49.5% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PPG good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and PPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PPG?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with 0.02 over the last year and -0.40 over 5 years.
Is PPG a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and PPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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 · PPG correlations
