FNGD vs TFPM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Triple Flag Precious Metals Corp. (TFPM) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TFPM?
Over the past 3 years, FNGD and TFPM moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -591.9 %².
By 3-year correlation, TFPM places #140 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months TFPM outperformed by 89.1 percentage points (-55.7% for FNGD against +33.4% for TFPM). Risk is not evenly split, since FNGD carries 2.0 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 TFPM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +33.4% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 37.3% |
| Beta vs S&P 500 | -4.54 | 0.62 |
| Max drawdown (3Y) | -97.6% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | 20.6 | 17.5 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TFPM |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | -1.8% |
| 2024 | -76.6% | +14.6% |
| 2025 | -61.4% | +122.2% |
| 2026 | -49.5% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TFPM good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and TFPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TFPM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.28 over the last year and -0.16 over 5 years.
Is TFPM a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and TFPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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 · TFPM correlations
