FNGD vs TLK: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PT Telekomunikasi Indonesia, Tbk (TLK) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TLK?
On 3 years of weekly data the FNGD/TLK correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.23 over 3. The 5-year figure is -0.18, and annualized covariance runs at -484.6 %².
Among the 1743 assets we track against FNGD, TLK ranks #288 by 3-year correlation. The last year tells two different stories: TLK led by 36.4 percentage points, -55.7% for FNGD against -19.3% for TLK. Note the risk asymmetry: FNGD runs 2.7 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 TLK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TLK (PT Telekomunikasi Indonesia, Tbk) | |
|---|---|---|
| 1-year return | -55.7% | -19.3% |
| 5-year return | -99.4% | -18.1% |
| Volatility (ann.) | 75.7% | 27.9% |
| Beta vs S&P 500 | -4.54 | 0.66 |
| Max drawdown (3Y) | -97.6% | -47.6% |
| Market cap | – | $14.3B |
| P/E (trailing) | 20.6 | 14.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TLK |
|---|---|---|
| 2022 | +52.2% | -14.6% |
| 2023 | -90.1% | +12.6% |
| 2024 | -76.6% | -32.3% |
| 2025 | -61.4% | +37.8% |
| 2026 | -49.5% | -25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TLK good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TLK?
As of 2026-08-27, the correlation of weekly returns between FNGD and TLK is -0.23 over 3 years, -0.21 over 1 year and -0.18 over 5 years.
Is TLK a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
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Related comparisons
Hubs: FNGD correlations · TLK correlations
