FNGD vs TCRX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TScan Therapeutics, Inc. (TCRX) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TCRX?
On 3 years of weekly data the FNGD/TCRX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.29 over 3 years. The 5-year figure is -0.16, and annualized covariance runs at -1827.7 %².
By 3-year correlation, TCRX places #801 of the 1743 assets tracked against FNGD. Their 12-month results are close: -55.7% for FNGD against -59.9% for TCRX.
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 TCRX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TCRX (TScan Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -59.9% |
| 5-year return | -99.4% | -91.3% |
| Volatility (ann.) | 75.7% | 82.6% |
| Beta vs S&P 500 | -4.54 | 2.01 |
| Max drawdown (3Y) | -97.6% | -92.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TCRX |
|---|---|---|
| 2022 | +52.2% | -65.6% |
| 2023 | -90.1% | +276.1% |
| 2024 | -76.6% | -47.9% |
| 2025 | -61.4% | -67.1% |
| 2026 | -49.5% | -25.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TCRX good diversifiers for each other?
Yes. With a correlation of -0.29, FNGD and TCRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TCRX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.41 over the last year and -0.16 over 5 years.
Is TCRX a good diversifier for FNGD?
Yes. With a correlation of -0.29, FNGD and TCRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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-tcrx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tcrx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TCRX correlations
