FNGD vs UCTT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ultra Clean Holdings, Inc. (UCTT) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UCTT?
Across a 3-year window, the weekly returns of FNGD and UCTT correlate at -0.42, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.42). Stretching to 5 years gives -0.49, with an annualized covariance of -1983.7 %².
Among the 1743 assets we track against FNGD, UCTT ranks #1431 by 3-year correlation. The last year tells two different stories: UCTT led by 267.3 percentage points, -55.7% for FNGD against +211.6% for UCTT.
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 UCTT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UCTT (Ultra Clean Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +211.6% |
| 5-year return | -99.4% | +57.9% |
| Volatility (ann.) | 75.7% | 62.8% |
| Beta vs S&P 500 | -4.54 | 2.28 |
| Max drawdown (3Y) | -97.6% | -68.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UCTT |
|---|---|---|
| 2022 | +52.2% | -42.2% |
| 2023 | -90.1% | +3.0% |
| 2024 | -76.6% | +5.3% |
| 2025 | -61.4% | -29.5% |
| 2026 | -49.5% | +195.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UCTT good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and UCTT?
The FNGD/UCTT correlation stands at -0.42 on a 3-year window (1 year: -0.17, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is UCTT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
A reading of -0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · UCTT correlations
