FNGD vs TEL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TE Connectivity (TEL) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TEL?
Across a 3-year window, the weekly returns of FNGD and TEL correlate at -0.51, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.39) than the 3-year average (-0.51). Stretching to 5 years gives -0.57, with an annualized covariance of -1114.2 %².
Among the 1743 assets we track against FNGD, TEL ranks #1610 by 3-year correlation. The last year tells two different stories: TEL led by 54.6 percentage points, -55.7% for FNGD against -1.1% for TEL. Risk is not evenly split, since FNGD carries 2.6 times the volatility of the other side.
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 TEL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TEL (TE Connectivity) | |
|---|---|---|
| 1-year return | -55.7% | -1.1% |
| 5-year return | -99.4% | +43.7% |
| Volatility (ann.) | 75.7% | 28.8% |
| Beta vs S&P 500 | -4.54 | 1.32 |
| Max drawdown (3Y) | -97.6% | -22.6% |
| Market cap | – | $58.8B |
| P/E (trailing) | 20.6 | 20.1 |
| Dividend yield | 0.00% | 1.42% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | TEL |
|---|---|---|
| 2022 | +52.2% | -27.7% |
| 2023 | -90.1% | +24.6% |
| 2024 | -76.6% | +3.5% |
| 2025 | -61.4% | +61.1% |
| 2026 | -49.5% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TEL good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TEL?
The FNGD/TEL correlation stands at -0.51 on a 3-year window (1 year: -0.39, 5 years: -0.57), computed from weekly returns as of 2026-08-27.
Is TEL a good diversifier for FNGD?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 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-tel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TEL correlations
