FNGD vs TER: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Teradyne (TER) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TER?
Over the past 3 years, FNGD and TER moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.36). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -1410.5 %².
Within FNGD's tracked universe of 1743 assets, TER comes in at #1205 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TER outperformed by 274.5 percentage points (-55.7% for FNGD against +218.8% for TER).
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 TER: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TER (Teradyne) | |
|---|---|---|
| 1-year return | -55.7% | +218.8% |
| 5-year return | -99.4% | +207.9% |
| Volatility (ann.) | 75.7% | 52.5% |
| Beta vs S&P 500 | -4.54 | 1.70 |
| Max drawdown (3Y) | -97.6% | -58.2% |
| Market cap | – | $58.2B |
| P/E (trailing) | 20.6 | 50.0 |
| Dividend yield | 0.00% | 0.14% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | TER |
|---|---|---|
| 2022 | +52.2% | -46.3% |
| 2023 | -90.1% | +24.8% |
| 2024 | -76.6% | +16.5% |
| 2025 | -61.4% | +54.4% |
| 2026 | -49.5% | +92.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TER good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TER?
As of 2026-08-27, the correlation of weekly returns between FNGD and TER is -0.36 over 3 years, -0.12 over 1 year and -0.46 over 5 years.
Is TER a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ter.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ter/)
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Related comparisons
Hubs: FNGD correlations · TER correlations
