FNGD vs TEAD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Te (TEAD) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TEAD?
Over the past 3 years, FNGD and TEAD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1213.0 %².
Among the 1743 assets we track against FNGD, TEAD ranks #212 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 17.9 points (-55.7% versus -73.6%).
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 TEAD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TEAD (Te) | |
|---|---|---|
| 1-year return | -55.7% | -73.6% |
| 5-year return | -99.4% | -97.2% |
| Volatility (ann.) | 75.7% | 71.3% |
| Beta vs S&P 500 | -4.54 | 1.33 |
| Max drawdown (3Y) | -97.6% | -93.8% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TEAD |
|---|---|---|
| 2022 | +52.2% | -74.1% |
| 2023 | -90.1% | +21.0% |
| 2024 | -76.6% | +63.9% |
| 2025 | -61.4% | -90.2% |
| 2026 | -49.5% | -33.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TEAD good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TEAD?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.26 over the last year and -0.30 over 5 years.
Is TEAD a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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-tead.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tead/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TEAD correlations
