FNGD vs TBCH: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Turtle Beach Corporation (TBCH) show a negative relationship: their 3-year correlation of weekly returns is -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TBCH?
Over the past 3 years, FNGD and TBCH moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.46 over 3 years. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -2034.2 %².
Within FNGD's tracked universe of 1743 assets, TBCH comes in at #1520 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TBCH outperformed by 39.1 percentage points (-55.7% for FNGD against -16.6% for TBCH).
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 TBCH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TBCH (Turtle Beach Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -16.6% |
| 5-year return | -99.4% | -55.7% |
| Volatility (ann.) | 75.7% | 57.8% |
| Beta vs S&P 500 | -4.54 | 2.21 |
| Max drawdown (3Y) | -97.6% | -51.8% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TBCH |
|---|---|---|
| 2022 | +52.2% | -67.8% |
| 2023 | -90.1% | +52.7% |
| 2024 | -76.6% | +58.1% |
| 2025 | -61.4% | -18.9% |
| 2026 | -49.5% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TBCH good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TBCH?
The FNGD/TBCH correlation stands at -0.46 on a 3-year window (1 year: -0.56, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is TBCH a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 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-tbch.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tbch/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: FNGD correlations · TBCH correlations
