FNGD vs TAC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TransAlta Corporation (TAC) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TAC?
On 3 years of weekly data the FNGD/TAC correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. The 5-year figure is -0.25, and annualized covariance runs at -724.6 %².
By 3-year correlation, TAC places #543 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with TAC ahead by 60.0 points (-55.7% versus +4.3%). Note the risk asymmetry: FNGD runs 2.1 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 TAC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TAC (TransAlta Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +4.3% |
| 5-year return | -99.4% | +36.9% |
| Volatility (ann.) | 75.7% | 36.2% |
| Beta vs S&P 500 | -4.54 | 0.84 |
| Max drawdown (3Y) | -97.6% | -43.3% |
| Market cap | – | $4.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 2.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TAC |
|---|---|---|
| 2022 | +52.2% | -18.0% |
| 2023 | -90.1% | -5.6% |
| 2024 | -76.6% | +74.0% |
| 2025 | -61.4% | -9.5% |
| 2026 | -49.5% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TAC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TAC?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.18 over the last year and -0.25 over 5 years.
Is TAC a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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-tac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tac/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TAC correlations
