FNGD vs TSAT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Telesat Corporation - Class A (TSAT) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TSAT?
Over the past 3 years, FNGD and TSAT moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.28 over 3 years. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -1633.8 %².
Within FNGD's tracked universe of 1743 assets, TSAT comes in at #739 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TSAT ahead by 182.8 points (-55.7% versus +127.1%).
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 TSAT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TSAT (Telesat Corporation - Class A) | |
|---|---|---|
| 1-year return | -55.7% | +127.1% |
| 5-year return | -99.4% | +10.3% |
| Volatility (ann.) | 75.7% | 76.7% |
| Beta vs S&P 500 | -4.54 | 1.43 |
| Max drawdown (3Y) | -97.6% | -64.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TSAT |
|---|---|---|
| 2022 | +52.2% | -73.8% |
| 2023 | -90.1% | +39.1% |
| 2024 | -76.6% | +57.6% |
| 2025 | -61.4% | +77.0% |
| 2026 | -49.5% | +57.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TSAT good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TSAT?
The FNGD/TSAT correlation stands at -0.28 on a 3-year window (1 year: -0.50, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is TSAT a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-tsat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-tsat/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TSAT correlations
