FNGD vs TKO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TKO Group Holdings (TKO) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TKO?
Across a 3-year window, the weekly returns of FNGD and TKO correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.01) runs above the 3-year figure (-0.27). Stretching to 5 years gives -0.25, with an annualized covariance of -667.0 %².
Within FNGD's tracked universe of 1743 assets, TKO comes in at #639 by 3-year correlation. The last year tells two different stories: TKO led by 56.5 percentage points, -55.7% for FNGD against +0.8% for TKO. One caveat on sizing: FNGD is 2.4 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 TKO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TKO (TKO Group Holdings) | |
|---|---|---|
| 1-year return | -55.7% | +0.8% |
| 5-year return | -99.4% | +281.8% |
| Volatility (ann.) | 75.7% | 32.1% |
| Beta vs S&P 500 | -4.54 | 0.70 |
| Max drawdown (3Y) | -97.6% | -34.8% |
| Market cap | – | $34.9B |
| P/E (trailing) | 20.6 | 65.8 |
| Dividend yield | 0.00% | 1.66% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | TKO |
|---|---|---|
| 2022 | +52.2% | +39.9% |
| 2023 | -90.1% | +23.9% |
| 2024 | -76.6% | +74.2% |
| 2025 | -61.4% | +48.9% |
| 2026 | -49.5% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TKO good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TKO?
As of 2026-08-27, the correlation of weekly returns between FNGD and TKO is -0.27 over 3 years, -0.01 over 1 year and -0.25 over 5 years.
Is TKO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-tko.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tko/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TKO correlations
