FNGD vs TLS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Telos Corporation (TLS) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TLS?
On 3 years of weekly data the FNGD/TLS correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.28). The 5-year figure is -0.26, and annualized covariance runs at -2314.4 %².
Among the 1743 assets we track against FNGD, TLS ranks #737 by 3-year correlation. The last year tells two different stories: TLS led by 38.4 percentage points, -55.7% for FNGD against -17.3% for TLS.
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 TLS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TLS (Telos Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -17.3% |
| 5-year return | -99.4% | -85.1% |
| Volatility (ann.) | 75.7% | 110.3% |
| Beta vs S&P 500 | -4.54 | 2.54 |
| Max drawdown (3Y) | -97.6% | -58.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TLS |
|---|---|---|
| 2022 | +52.2% | -67.0% |
| 2023 | -90.1% | -28.3% |
| 2024 | -76.6% | -6.3% |
| 2025 | -61.4% | +49.1% |
| 2026 | -49.5% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TLS good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TLS?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.45 over the last year and -0.26 over 5 years.
Is TLS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · TLS correlations
