FNGD vs VMI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Valmont Industries, Inc. (VMI) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and VMI?
On 3 years of weekly data the FNGD/VMI correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.29 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -688.5 %².
Among the 1743 assets we track against FNGD, VMI ranks #809 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VMI outperformed by 84.9 percentage points (-55.7% for FNGD against +29.2% for VMI). Note the risk asymmetry: FNGD runs 2.4 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 VMI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | VMI (Valmont Industries, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +29.2% |
| 5-year return | -99.4% | +102.0% |
| Volatility (ann.) | 75.7% | 31.8% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -29.8% |
| Market cap | – | $9.3B |
| P/E (trailing) | 20.6 | 18.6 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | VMI |
|---|---|---|
| 2022 | +52.2% | +33.1% |
| 2023 | -90.1% | -28.7% |
| 2024 | -76.6% | +32.5% |
| 2025 | -61.4% | +32.2% |
| 2026 | -49.5% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and VMI good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and VMI?
The FNGD/VMI correlation stands at -0.29 on a 3-year window (1 year: -0.13, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VMI a good diversifier for FNGD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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-vmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-vmi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · VMI correlations
