FNGD vs USMV: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and USMV?
On 3 years of weekly data the FNGD/USMV correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.46). The 5-year figure is -0.54, and annualized covariance runs at -346.3 %².
Within FNGD's tracked universe of 1743 assets, USMV comes in at #1524 by 3-year correlation. The last year tells two different stories: USMV led by 65.8 percentage points, -55.7% for FNGD against +10.1% for USMV. One caveat on sizing: FNGD is 7.6 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 USMV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -55.7% | +10.1% |
| 5-year return | -99.4% | +42.3% |
| Volatility (ann.) | 75.7% | 9.9% |
| Beta vs S&P 500 | -4.54 | 0.51 |
| Max drawdown (3Y) | -97.6% | -9.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | US Listed | ETF · US Style |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | FNGD | USMV |
|---|---|---|
| 2022 | +52.2% | -9.4% |
| 2023 | -90.1% | +10.3% |
| 2024 | -76.6% | +15.7% |
| 2025 | -61.4% | +7.6% |
| 2026 | -49.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and USMV good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and USMV?
The FNGD/USMV correlation stands at -0.46 on a 3-year window (1 year: -0.30, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · USMV correlations
