FNGD vs TYL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tyler Technologies (TYL) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TYL?
Across a 3-year window, the weekly returns of FNGD and TYL correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.28 over 3 years. Stretching to 5 years gives -0.49, with an annualized covariance of -626.0 %².
Within FNGD's tracked universe of 1743 assets, TYL comes in at #741 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TYL ahead by 21.7 points (-55.7% versus -34.0%). Risk is not evenly split, since FNGD carries 2.6 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 TYL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TYL (Tyler Technologies) | |
|---|---|---|
| 1-year return | -55.7% | -34.0% |
| 5-year return | -99.4% | -22.5% |
| Volatility (ann.) | 75.7% | 29.6% |
| Beta vs S&P 500 | -4.54 | 0.61 |
| Max drawdown (3Y) | -97.6% | -57.4% |
| Market cap | – | $15.1B |
| P/E (trailing) | 20.6 | 46.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | TYL |
|---|---|---|
| 2022 | +52.2% | -40.1% |
| 2023 | -90.1% | +29.7% |
| 2024 | -76.6% | +37.9% |
| 2025 | -61.4% | -21.3% |
| 2026 | -49.5% | -18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TYL 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 TYL?
The FNGD/TYL correlation stands at -0.28 on a 3-year window (1 year: -0.17, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is TYL 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?
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-tyl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-tyl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · TYL correlations
