FNGD vs URI: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and United Rentals (URI) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and URI?
Over the past 3 years, FNGD and URI moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.33 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -978.6 %².
By 3-year correlation, URI places #1059 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with URI ahead by 65.9 points (-55.7% versus +10.2%). One caveat on sizing: FNGD is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 URI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | URI (United Rentals) | |
|---|---|---|
| 1-year return | -55.7% | +10.2% |
| 5-year return | -99.4% | +204.1% |
| Volatility (ann.) | 75.7% | 39.5% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -37.0% |
| Market cap | – | $64.6B |
| P/E (trailing) | 20.6 | 25.4 |
| Dividend yield | 0.00% | 0.71% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | URI |
|---|---|---|
| 2022 | +52.2% | +7.0% |
| 2023 | -90.1% | +63.6% |
| 2024 | -76.6% | +24.0% |
| 2025 | -61.4% | +15.9% |
| 2026 | -49.5% | +29.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and URI good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and URI?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.01 over the last year and -0.39 over 5 years.
Is URI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 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-uri.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-uri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · URI correlations
