FNGD vs ZION: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Zions Bancorporation N.A. (ZION) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ZION?
Over the past 3 years, FNGD and ZION moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.25). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -664.1 %².
Among the 1743 assets we track against FNGD, ZION ranks #472 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ZION outperformed by 76.4 percentage points (-55.7% for FNGD against +20.7% for ZION). Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 ZION: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | -55.7% | +20.7% |
| 5-year return | -99.4% | +41.1% |
| Volatility (ann.) | 75.7% | 35.5% |
| Beta vs S&P 500 | -4.54 | 1.29 |
| Max drawdown (3Y) | -97.6% | -32.4% |
| Market cap | – | $9.9B |
| P/E (trailing) | 20.6 | 8.7 |
| Dividend yield | 0.00% | 2.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | ZION |
|---|---|---|
| 2022 | +52.2% | -20.0% |
| 2023 | -90.1% | -6.3% |
| 2024 | -76.6% | +28.2% |
| 2025 | -61.4% | +11.6% |
| 2026 | -49.5% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ZION good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and ZION have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and ZION?
The FNGD/ZION correlation stands at -0.25 on a 3-year window (1 year: 0.01, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and ZION have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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 · ZION correlations
