FNGD vs TXN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Texas Instruments (TXN) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TXN?
Across a 3-year window, the weekly returns of FNGD and TXN correlate at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -988.7 %².
Within FNGD's tracked universe of 1743 assets, TXN comes in at #1293 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TXN outperformed by 88.8 percentage points (-55.7% for FNGD against +33.1% for TXN). One caveat on sizing: FNGD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TXN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TXN (Texas Instruments) | |
|---|---|---|
| 1-year return | -55.7% | +33.1% |
| 5-year return | -99.4% | +60.4% |
| Volatility (ann.) | 75.7% | 34.3% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -33.4% |
| Market cap | – | $243.4B |
| P/E (trailing) | 20.6 | 40.6 |
| Dividend yield | 0.00% | 2.15% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | TXN |
|---|---|---|
| 2022 | +52.2% | -9.9% |
| 2023 | -90.1% | +6.4% |
| 2024 | -76.6% | +13.1% |
| 2025 | -61.4% | -4.5% |
| 2026 | -49.5% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TXN good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TXN?
The FNGD/TXN correlation stands at -0.38 on a 3-year window (1 year: -0.35, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is TXN a good diversifier for FNGD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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.
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Related comparisons
Hubs: FNGD correlations · TXN correlations
