FNGD vs TT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Trane Technologies (TT) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TT?
Across a 3-year window, the weekly returns of FNGD and TT correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.49). Stretching to 5 years gives -0.47, with an annualized covariance of -1035.4 %².
Among the 1743 assets we track against FNGD, TT ranks #1577 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TT ahead by 63.5 points (-55.7% versus +7.8%). Note the risk asymmetry: FNGD runs 2.7 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 TT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TT (Trane Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +7.8% |
| 5-year return | -99.4% | +141.4% |
| Volatility (ann.) | 75.7% | 27.8% |
| Beta vs S&P 500 | -4.54 | 1.19 |
| Max drawdown (3Y) | -97.6% | -24.4% |
| Market cap | – | $100.0B |
| P/E (trailing) | 20.6 | 33.8 |
| Dividend yield | 0.00% | 0.86% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | TT |
|---|---|---|
| 2022 | +52.2% | -15.3% |
| 2023 | -90.1% | +47.4% |
| 2024 | -76.6% | +53.0% |
| 2025 | -61.4% | +6.1% |
| 2026 | -49.5% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TT good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and TT?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.17 over the last year and -0.47 over 5 years.
Is TT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TT correlations
