FNGD vs TRIN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Trinity Capital Inc. (TRIN) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TRIN?
Across a 3-year window, the weekly returns of FNGD and TRIN correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.29). Stretching to 5 years gives -0.39, with an annualized covariance of -401.2 %².
By 3-year correlation, TRIN places #803 of the 1743 assets tracked against FNGD. The last year tells two different stories: TRIN led by 91.3 percentage points, -55.7% for FNGD against +35.6% for TRIN. Note the risk asymmetry: FNGD runs 4.1 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 TRIN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TRIN (Trinity Capital Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +35.6% |
| 5-year return | -99.4% | +139.8% |
| Volatility (ann.) | 75.7% | 18.5% |
| Beta vs S&P 500 | -4.54 | 0.56 |
| Max drawdown (3Y) | -97.6% | -15.6% |
| Market cap | – | $1.7B |
| P/E (trailing) | 20.6 | 10.7 |
| Dividend yield | 0.00% | 10.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TRIN |
|---|---|---|
| 2022 | +52.2% | -26.6% |
| 2023 | -90.1% | +54.0% |
| 2024 | -76.6% | +14.8% |
| 2025 | -61.4% | +16.0% |
| 2026 | -49.5% | +38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TRIN good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TRIN?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.46 over the last year and -0.39 over 5 years.
Is TRIN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-trin.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-trin/)
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Related comparisons
Hubs: FNGD correlations · TRIN correlations
