FNGD vs USB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and USB?
On 3 years of weekly data the FNGD/USB correlation comes out 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 -0.02 versus -0.28 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -573.8 %².
By 3-year correlation, USB places #742 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with USB ahead by 88.8 points (-55.7% versus +33.1%). One caveat on sizing: FNGD is 2.8 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 USB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | -55.7% | +33.1% |
| 5-year return | -99.4% | +36.0% |
| Volatility (ann.) | 75.7% | 27.3% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -30.6% |
| Market cap | – | $97.2B |
| P/E (trailing) | 20.6 | 12.5 |
| Dividend yield | 0.00% | 3.31% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | USB |
|---|---|---|
| 2022 | +52.2% | -19.1% |
| 2023 | -90.1% | +4.8% |
| 2024 | -76.6% | +15.6% |
| 2025 | -61.4% | +16.5% |
| 2026 | -49.5% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and USB 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 USB?
As of 2026-08-27, the correlation of weekly returns between FNGD and USB is -0.28 over 3 years, -0.02 over 1 year and -0.31 over 5 years.
Is USB 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-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · USB correlations
