FNGD vs TGLS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tecnoglass Holdings Inc. (TGLS) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TGLS?
On 3 years of weekly data the FNGD/TGLS correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.39 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -1228.0 %².
By 3-year correlation, TGLS places #1333 of the 1743 assets tracked against FNGD. Over the last 12 months TGLS came out ahead by 11.3 percentage points (-55.7% against -44.4%). One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TGLS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TGLS (Tecnoglass Holdings Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -44.4% |
| 5-year return | -99.4% | +85.6% |
| Volatility (ann.) | 75.7% | 41.6% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -56.8% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 14.1 |
| Dividend yield | 0.00% | 1.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TGLS |
|---|---|---|
| 2022 | +52.2% | +18.9% |
| 2023 | -90.1% | +49.9% |
| 2024 | -76.6% | +74.9% |
| 2025 | -61.4% | -36.3% |
| 2026 | -49.5% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TGLS good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TGLS?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.08 over the last year and -0.30 over 5 years.
Is TGLS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tgls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tgls/)
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Related comparisons
Hubs: FNGD correlations · TGLS correlations
