FNGD vs TGB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Trekor Metals Limited (TGB) 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 TGB?
Over the past 3 years, FNGD and TGB moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -1705.3 %².
Among the 1743 assets we track against FNGD, TGB ranks #1206 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TGB ahead by 260.1 points (-55.7% versus +204.4%).
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 TGB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TGB (Trekor Metals Limited) | |
|---|---|---|
| 1-year return | -55.7% | +204.4% |
| 5-year return | -99.4% | +450.0% |
| Volatility (ann.) | 75.7% | 62.1% |
| Beta vs S&P 500 | -4.54 | 1.89 |
| Max drawdown (3Y) | -97.6% | -44.3% |
| Market cap | – | $3.5B |
| P/E (trailing) | 20.6 | 484.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TGB |
|---|---|---|
| 2022 | +52.2% | -28.3% |
| 2023 | -90.1% | -4.8% |
| 2024 | -76.6% | +38.6% |
| 2025 | -61.4% | +191.8% |
| 2026 | -49.5% | +71.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TGB good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TGB?
The FNGD/TGB correlation stands at -0.36 on a 3-year window (1 year: -0.40, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is TGB a good diversifier for FNGD?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tgb.json
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Related comparisons
Hubs: FNGD correlations · TGB correlations
