FNGD vs TAN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Invesco Solar ETF (TAN) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TAN?
Over the past 3 years, FNGD and TAN moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.28 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -793.2 %².
By 3-year correlation, TAN places #733 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with TAN ahead by 77.1 points (-55.7% versus +21.4%). Risk is not evenly split, since FNGD carries 2.0 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 TAN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | -55.7% | +21.4% |
| 5-year return | -99.4% | -41.9% |
| Volatility (ann.) | 75.7% | 37.4% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -55.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | FNGD | TAN |
|---|---|---|
| 2022 | +52.2% | -5.2% |
| 2023 | -90.1% | -26.8% |
| 2024 | -76.6% | -37.6% |
| 2025 | -61.4% | +48.3% |
| 2026 | -49.5% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TAN good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TAN?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.40 over the last year and -0.37 over 5 years.
Is TAN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TAN correlations
