FNGD vs UAL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and United Airlines Holdings (UAL) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UAL?
Across a 3-year window, the weekly returns of FNGD and UAL correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Stretching to 5 years gives -0.30, with an annualized covariance of -881.7 %².
By 3-year correlation, UAL places #466 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months UAL outperformed by 63.5 percentage points (-55.7% for FNGD against +7.8% for UAL). Note the risk asymmetry: FNGD runs 1.6 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 UAL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | -55.7% | +7.8% |
| 5-year return | -99.4% | +144.8% |
| Volatility (ann.) | 75.7% | 46.6% |
| Beta vs S&P 500 | -4.54 | 1.33 |
| Max drawdown (3Y) | -97.6% | -49.2% |
| Market cap | – | $36.5B |
| P/E (trailing) | 20.6 | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | UAL |
|---|---|---|
| 2022 | +52.2% | -13.9% |
| 2023 | -90.1% | +9.4% |
| 2024 | -76.6% | +135.3% |
| 2025 | -61.4% | +15.2% |
| 2026 | -49.5% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UAL good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and UAL?
The FNGD/UAL correlation stands at -0.25 on a 3-year window (1 year: -0.20, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · UAL correlations
