FNGD vs TPG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and TPG Inc. (TPG) trade together? Their weekly returns over three years give a correlation of -0.53, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TPG?
Over the past 3 years, FNGD and TPG moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.47) sits close to the 3-year figure. Over 5 years the correlation is -0.50, and the annualized covariance of weekly returns is -1507.0 %².
Among the 1743 assets we track against FNGD, TPG ranks #1628 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TPG ahead by 47.6 points (-55.7% versus -8.1%). One caveat on sizing: FNGD is 2.0 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 TPG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TPG (TPG Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -8.1% |
| 5-year return | -99.4% | +91.2% |
| Volatility (ann.) | 75.7% | 37.6% |
| Beta vs S&P 500 | -4.54 | 1.62 |
| Max drawdown (3Y) | -97.6% | -44.8% |
| Market cap | – | $21.1B |
| P/E (trailing) | 20.6 | 78.2 |
| Dividend yield | 0.00% | 4.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TPG |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | +62.4% |
| 2024 | -76.6% | +50.6% |
| 2025 | -61.4% | +5.1% |
| 2026 | -49.5% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TPG good diversifiers for each other?
Yes. With a correlation of -0.53, FNGD and TPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TPG?
The FNGD/TPG correlation stands at -0.53 on a 3-year window (1 year: -0.47, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is TPG a good diversifier for FNGD?
Yes. With a correlation of -0.53, FNGD and TPG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.53 mean?
On the −1 to +1 scale, -0.53 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tpg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tpg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TPG correlations
