FNGD vs TREX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Trex Company, Inc. (TREX) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TREX?
Across a 3-year window, the weekly returns of FNGD and TREX correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -1151.5 %².
By 3-year correlation, TREX places #1109 of the 1743 assets tracked against FNGD. The last year tells two different stories: TREX led by 28.4 percentage points, -55.7% for FNGD against -27.3% for TREX. Note the risk asymmetry: FNGD runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TREX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TREX (Trex Company, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -27.3% |
| 5-year return | -99.4% | -58.7% |
| Volatility (ann.) | 75.7% | 45.3% |
| Beta vs S&P 500 | -4.54 | 1.48 |
| Max drawdown (3Y) | -97.6% | -69.9% |
| Market cap | – | $4.7B |
| P/E (trailing) | 20.6 | 27.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TREX |
|---|---|---|
| 2022 | +52.2% | -68.7% |
| 2023 | -90.1% | +95.6% |
| 2024 | -76.6% | -16.6% |
| 2025 | -61.4% | -49.2% |
| 2026 | -49.5% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TREX good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and TREX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TREX?
As of 2026-08-27, the correlation of weekly returns between FNGD and TREX is -0.34 over 3 years, -0.31 over 1 year and -0.40 over 5 years.
Is TREX a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and TREX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
A reading of -0.34 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-trex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-trex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TREX correlations
