FNGD vs TXT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Textron (TXT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TXT?
On 3 years of weekly data the FNGD/TXT correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.02 versus -0.24 over 3 years. The 5-year figure is -0.36, and annualized covariance runs at -468.8 %².
Among the 1743 assets we track against FNGD, TXT ranks #375 by 3-year correlation. The last year tells two different stories: TXT led by 56.4 percentage points, -55.7% for FNGD against +0.7% for TXT. Risk is not evenly split, since FNGD carries 3.0 times the volatility of the other side.
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 TXT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TXT (Textron) | |
|---|---|---|
| 1-year return | -55.7% | +0.7% |
| 5-year return | -99.4% | +15.1% |
| Volatility (ann.) | 75.7% | 25.4% |
| Beta vs S&P 500 | -4.54 | 0.89 |
| Max drawdown (3Y) | -97.6% | -37.3% |
| Market cap | – | $14.2B |
| P/E (trailing) | 20.6 | 15.7 |
| Dividend yield | 0.00% | 0.10% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | TXT |
|---|---|---|
| 2022 | +52.2% | -8.2% |
| 2023 | -90.1% | +13.7% |
| 2024 | -76.6% | -4.8% |
| 2025 | -61.4% | +14.1% |
| 2026 | -49.5% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TXT good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and TXT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and TXT?
The FNGD/TXT correlation stands at -0.24 on a 3-year window (1 year: 0.02, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is TXT a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and TXT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-txt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-txt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · TXT correlations
