FNGD vs USGO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and U.S. GoldMining Inc. (USGO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and USGO?
On 3 years of weekly data the FNGD/USGO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1347.6 %².
Within FNGD's tracked universe of 1743 assets, USGO comes in at #143 by 3-year correlation. The last year tells two different stories: USGO led by 67.7 percentage points, -55.7% for FNGD against +12.0% for USGO.
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 USGO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | USGO (U.S. GoldMining Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +12.0% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 85.5% |
| Beta vs S&P 500 | -4.54 | 1.08 |
| Max drawdown (3Y) | -97.6% | -53.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | USGO |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | +17.9% |
| 2025 | -61.4% | +2.4% |
| 2026 | -49.5% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and USGO good diversifiers for each other?
Yes. With a correlation of -0.21, FNGD and USGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and USGO?
The FNGD/USGO correlation stands at -0.21 on a 3-year window (1 year: -0.21, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is USGO a good diversifier for FNGD?
Yes. With a correlation of -0.21, FNGD and USGO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-usgo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-usgo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · USGO correlations
