FNGD vs VMC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Vulcan Materials Company (VMC) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VMC?
Across a 3-year window, the weekly returns of FNGD and VMC correlate at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.37 over 3 years. Stretching to 5 years gives -0.42, with an annualized covariance of -710.2 %².
Among the 1743 assets we track against FNGD, VMC ranks #1246 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VMC outperformed by 50.5 percentage points (-55.7% for FNGD against -5.2% for VMC). Note the risk asymmetry: FNGD runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VMC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VMC (Vulcan Materials Company) | |
|---|---|---|
| 1-year return | -55.7% | -5.2% |
| 5-year return | -99.4% | +53.2% |
| Volatility (ann.) | 75.7% | 25.2% |
| Beta vs S&P 500 | -4.54 | 0.82 |
| Max drawdown (3Y) | -97.6% | -24.4% |
| Market cap | – | $35.5B |
| P/E (trailing) | 20.6 | 32.3 |
| Dividend yield | 0.00% | 0.74% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | VMC |
|---|---|---|
| 2022 | +52.2% | -14.9% |
| 2023 | -90.1% | +30.8% |
| 2024 | -76.6% | +14.1% |
| 2025 | -61.4% | +11.7% |
| 2026 | -49.5% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VMC good diversifiers for each other?
Yes. With a correlation of -0.37, FNGD and VMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and VMC?
The FNGD/VMC correlation stands at -0.37 on a 3-year window (1 year: -0.14, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VMC a good diversifier for FNGD?
Yes. With a correlation of -0.37, FNGD and VMC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 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
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Related comparisons
Hubs: FNGD correlations · VMC correlations
