FNGD vs TNL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Travel Leisure Co. (TNL) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TNL?
On 3 years of weekly data the FNGD/TNL correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.31). The 5-year figure is -0.41, and annualized covariance runs at -718.3 %².
By 3-year correlation, TNL places #925 of the 1743 assets tracked against FNGD. The last year tells two different stories: TNL led by 74.9 percentage points, -55.7% for FNGD against +19.2% for TNL. One caveat on sizing: FNGD is 2.5 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 TNL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TNL (Travel Leisure Co.) | |
|---|---|---|
| 1-year return | -55.7% | +19.2% |
| 5-year return | -99.4% | +59.9% |
| Volatility (ann.) | 75.7% | 30.1% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -32.2% |
| Market cap | – | $4.4B |
| P/E (trailing) | 20.6 | 19.9 |
| Dividend yield | 0.00% | 3.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TNL |
|---|---|---|
| 2022 | +52.2% | -31.7% |
| 2023 | -90.1% | +12.5% |
| 2024 | -76.6% | +34.8% |
| 2025 | -61.4% | +45.5% |
| 2026 | -49.5% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TNL good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TNL?
The FNGD/TNL correlation stands at -0.31 on a 3-year window (1 year: -0.15, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is TNL a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-tnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TNL correlations
