FNGD vs TRI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Thomson Reuters Corp (TRI) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TRI?
On 3 years of weekly data the FNGD/TRI correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.29 over 3. The 5-year figure is -0.36, and annualized covariance runs at -705.5 %².
By 3-year correlation, TRI places #802 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with TRI ahead by 18.1 points (-55.7% versus -37.6%). Note the risk asymmetry: FNGD runs 2.4 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 TRI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TRI (Thomson Reuters Corp) | |
|---|---|---|
| 1-year return | -55.7% | -37.6% |
| 5-year return | -99.4% | -0.4% |
| Volatility (ann.) | 75.7% | 32.0% |
| Beta vs S&P 500 | -4.54 | 0.53 |
| Max drawdown (3Y) | -97.6% | -62.9% |
| Market cap | – | $45.4B |
| P/E (trailing) | 20.6 | 27.6 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TRI |
|---|---|---|
| 2022 | +52.2% | -3.0% |
| 2023 | -90.1% | +30.0% |
| 2024 | -76.6% | +11.1% |
| 2025 | -61.4% | -16.6% |
| 2026 | -49.5% | -17.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TRI good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TRI?
As of 2026-08-27, the correlation of weekly returns between FNGD and TRI is -0.29 over 3 years, -0.30 over 1 year and -0.36 over 5 years.
Is TRI a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · TRI correlations
