FNGD vs TDY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Teledyne Technologies (TDY) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TDY?
Across a 3-year window, the weekly returns of FNGD and TDY correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.38, with an annualized covariance of -505.6 %².
By 3-year correlation, TDY places #869 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months TDY outperformed by 71.4 percentage points (-55.7% for FNGD against +15.7% for TDY). One caveat on sizing: FNGD is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TDY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TDY (Teledyne Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +15.7% |
| 5-year return | -99.4% | +36.5% |
| Volatility (ann.) | 75.7% | 22.0% |
| Beta vs S&P 500 | -4.54 | 0.76 |
| Max drawdown (3Y) | -97.6% | -18.8% |
| Market cap | – | $29.0B |
| P/E (trailing) | 20.6 | 30.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | TDY |
|---|---|---|
| 2022 | +52.2% | -8.5% |
| 2023 | -90.1% | +11.6% |
| 2024 | -76.6% | +4.0% |
| 2025 | -61.4% | +10.0% |
| 2026 | -49.5% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TDY good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TDY?
The FNGD/TDY correlation stands at -0.30 on a 3-year window (1 year: -0.16, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is TDY a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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-tdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tdy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TDY correlations
