FNGD vs TLN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Talen Energy Corporation (TLN) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TLN?
Across a 3-year window, the weekly returns of FNGD and TLN correlate at -0.39, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.39). Stretching to 5 years gives n/a, with an annualized covariance of -1410.5 %².
Within FNGD's tracked universe of 1743 assets, TLN comes in at #1334 by 3-year correlation. The last year tells two different stories: TLN led by 35.5 percentage points, -55.7% for FNGD against -20.2% for TLN. Note the risk asymmetry: FNGD runs 1.6 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 TLN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TLN (Talen Energy Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -20.2% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 47.4% |
| Beta vs S&P 500 | -4.54 | 1.39 |
| Max drawdown (3Y) | -97.6% | -33.8% |
| Market cap | – | $14.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TLN |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +214.8% |
| 2025 | -61.4% | +86.1% |
| 2026 | -49.5% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TLN 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 TLN?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.28 over the last year and n/a over 5 years.
Is TLN 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?
A reading of -0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tln.json
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[](https://www.pairbook.io/pair/fngd-vs-tln/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TLN correlations
