FNGD vs TEX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Terex Corporation (TEX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TEX?
On 3 years of weekly data the FNGD/TEX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.04) runs above the 3-year figure (-0.24). The 5-year figure is -0.32, and annualized covariance runs at -745.1 %².
By 3-year correlation, TEX places #372 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months TEX outperformed by 79.9 percentage points (-55.7% for FNGD against +24.2% for TEX). Note the risk asymmetry: FNGD runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TEX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TEX (Terex Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +24.2% |
| 5-year return | -99.4% | +31.7% |
| Volatility (ann.) | 75.7% | 41.0% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -51.3% |
| Market cap | – | $7.4B |
| P/E (trailing) | 20.6 | 31.2 |
| Dividend yield | 0.00% | 1.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TEX |
|---|---|---|
| 2022 | +52.2% | -1.4% |
| 2023 | -90.1% | +36.1% |
| 2024 | -76.6% | -18.6% |
| 2025 | -61.4% | +17.3% |
| 2026 | -49.5% | +21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TEX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TEX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.04 over the last year and -0.32 over 5 years.
Is TEX a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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-tex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TEX correlations
