FNGD vs TPR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tapestry, Inc. (TPR) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TPR?
Across a 3-year window, the weekly returns of FNGD and TPR correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.23). Stretching to 5 years gives -0.39, with an annualized covariance of -673.6 %².
Among the 1743 assets we track against FNGD, TPR ranks #289 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TPR ahead by 79.3 points (-55.7% versus +23.6%). 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 TPR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TPR (Tapestry, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +23.6% |
| 5-year return | -99.4% | +240.1% |
| Volatility (ann.) | 75.7% | 37.8% |
| Beta vs S&P 500 | -4.54 | 1.05 |
| Max drawdown (3Y) | -97.6% | -31.8% |
| Market cap | – | $24.6B |
| P/E (trailing) | 20.6 | 17.9 |
| Dividend yield | 0.00% | 1.23% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | TPR |
|---|---|---|
| 2022 | +52.2% | -3.3% |
| 2023 | -90.1% | +0.2% |
| 2024 | -76.6% | +82.8% |
| 2025 | -61.4% | +98.7% |
| 2026 | -49.5% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TPR good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TPR?
The FNGD/TPR correlation stands at -0.23 on a 3-year window (1 year: -0.07, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is TPR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
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Related comparisons
Hubs: FNGD correlations · TPR correlations
