FNGD vs XYL: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Xylem Inc. (XYL) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and XYL?
Over the past 3 years, FNGD and XYL moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.39). Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -712.2 %².
Within FNGD's tracked universe of 1743 assets, XYL comes in at #1339 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XYL outperformed by 34.6 percentage points (-55.7% for FNGD against -21.1% for XYL). One caveat on sizing: FNGD is 3.2 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 XYL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | XYL (Xylem Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -21.1% |
| 5-year return | -99.4% | -12.5% |
| Volatility (ann.) | 75.7% | 23.9% |
| Beta vs S&P 500 | -4.54 | 0.96 |
| Max drawdown (3Y) | -97.6% | -30.0% |
| Market cap | – | $26.3B |
| P/E (trailing) | 20.6 | 26.8 |
| Dividend yield | 0.00% | 1.47% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | XYL |
|---|---|---|
| 2022 | +52.2% | -6.6% |
| 2023 | -90.1% | +4.8% |
| 2024 | -76.6% | +2.6% |
| 2025 | -61.4% | +18.8% |
| 2026 | -49.5% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and XYL good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and XYL?
As of 2026-08-27, the correlation of weekly returns between FNGD and XYL is -0.39 over 3 years, -0.12 over 1 year and -0.40 over 5 years.
Is XYL a good diversifier for FNGD?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-xyl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-xyl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · XYL correlations
