FNGD vs TM: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Toyota Motor Corporation (TM) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TM?
On 3 years of weekly data the FNGD/TM correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.32). The 5-year figure is -0.37, and annualized covariance runs at -690.6 %².
Among the 1743 assets we track against FNGD, TM ranks #993 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TM outperformed by 53.3 percentage points (-55.7% for FNGD against -2.4% for TM). Risk is not evenly split, since FNGD carries 2.6 times the volatility of the other side.
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 TM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TM (Toyota Motor Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -2.4% |
| 5-year return | -99.4% | +24.1% |
| Volatility (ann.) | 75.7% | 28.9% |
| Beta vs S&P 500 | -4.54 | 0.83 |
| Max drawdown (3Y) | -97.6% | -34.9% |
| Market cap | – | $227.4B |
| P/E (trailing) | 20.6 | 8.7 |
| Dividend yield | 0.00% | 49.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TM |
|---|---|---|
| 2022 | +52.2% | -24.4% |
| 2023 | -90.1% | +38.2% |
| 2024 | -76.6% | +8.9% |
| 2025 | -61.4% | +12.2% |
| 2026 | -49.5% | -10.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TM good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TM?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.09 over the last year and -0.37 over 5 years.
Is TM a good diversifier for FNGD?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 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-tm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TM correlations
