FNGD vs XRX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Xerox Holdings Corporation (XRX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XRX?
Over the past 3 years, FNGD and XRX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -1520.0 %².
Among the 1743 assets we track against FNGD, XRX ranks #557 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XRX ahead by 35.7 points (-55.7% versus -20.0%).
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 XRX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XRX (Xerox Holdings Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -20.0% |
| 5-year return | -99.4% | -81.9% |
| Volatility (ann.) | 75.7% | 77.4% |
| Beta vs S&P 500 | -4.54 | 2.12 |
| Max drawdown (3Y) | -97.6% | -92.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 3.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | XRX |
|---|---|---|
| 2022 | +52.2% | -31.3% |
| 2023 | -90.1% | +33.8% |
| 2024 | -76.6% | -49.8% |
| 2025 | -61.4% | -70.6% |
| 2026 | -49.5% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XRX good diversifiers for each other?
Yes. With a correlation of -0.26, FNGD and XRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and XRX?
As of 2026-08-27, the correlation of weekly returns between FNGD and XRX is -0.26 over 3 years, -0.20 over 1 year and -0.31 over 5 years.
Is XRX a good diversifier for FNGD?
Yes. With a correlation of -0.26, FNGD and XRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: FNGD correlations · XRX correlations
