FNGD vs TBI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TrueBlue, Inc. (TBI) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TBI?
On 3 years of weekly data the FNGD/TBI correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.23 over 3. The 5-year figure is -0.24, and annualized covariance runs at -1141.4 %².
Within FNGD's tracked universe of 1743 assets, TBI comes in at #287 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TBI outperformed by 131.3 percentage points (-55.7% for FNGD against +75.6% for TBI).
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 TBI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TBI (TrueBlue, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +75.6% |
| 5-year return | -99.4% | -60.9% |
| Volatility (ann.) | 75.7% | 65.3% |
| Beta vs S&P 500 | -4.54 | 1.45 |
| Max drawdown (3Y) | -97.6% | -79.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TBI |
|---|---|---|
| 2022 | +52.2% | -29.2% |
| 2023 | -90.1% | -21.7% |
| 2024 | -76.6% | -45.2% |
| 2025 | -61.4% | -45.8% |
| 2026 | -49.5% | +134.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TBI good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TBI?
The FNGD/TBI correlation stands at -0.23 on a 3-year window (1 year: -0.32, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is TBI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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-tbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TBI correlations
