FNGD vs UEC: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Uranium Energy Corp. (UEC) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UEC?
Over the past 3 years, FNGD and UEC moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -1797.3 %².
Within FNGD's tracked universe of 1743 assets, UEC comes in at #1294 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UEC ahead by 87.0 points (-55.7% versus +31.3%).
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 UEC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UEC (Uranium Energy Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +31.3% |
| 5-year return | -99.4% | +467.5% |
| Volatility (ann.) | 75.7% | 63.2% |
| Beta vs S&P 500 | -4.54 | 1.71 |
| Max drawdown (3Y) | -97.6% | -55.1% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UEC |
|---|---|---|
| 2022 | +52.2% | +15.8% |
| 2023 | -90.1% | +64.9% |
| 2024 | -76.6% | +4.5% |
| 2025 | -61.4% | +74.6% |
| 2026 | -49.5% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UEC good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and UEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and UEC?
As of 2026-08-27, the correlation of weekly returns between FNGD and UEC is -0.38 over 3 years, -0.36 over 1 year and -0.32 over 5 years.
Is UEC a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and UEC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-uec.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-uec/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · UEC correlations
