FNGD vs TEM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tempus AI, Inc. (TEM) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TEM?
Across a 3-year window, the weekly returns of FNGD and TEM correlate at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -2989.5 %².
Among the 1743 assets we track against FNGD, TEM ranks #1204 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TEM ahead by 52.2 points (-55.7% versus -3.5%).
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 TEM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TEM (Tempus AI, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -3.5% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 104.7% |
| Beta vs S&P 500 | -4.54 | 3.25 |
| Max drawdown (3Y) | -97.6% | -59.8% |
| Market cap | – | $12.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TEM |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | +74.9% |
| 2026 | -49.5% | +19.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TEM good diversifiers for each other?
Yes. With a correlation of -0.36, FNGD and TEM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TEM?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.37 over the last year and n/a over 5 years.
Is TEM a good diversifier for FNGD?
Yes. With a correlation of -0.36, FNGD and TEM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · TEM correlations
