ARBE vs FNGD: Correlation
Measured on weekly returns over the past three years, Arbe Robotics Ltd. (ARBE) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) 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 ARBE and FNGD?
Over the past 3 years, ARBE and FNGD moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -2578.0 %².
Out of 14 assets tracked against ARBE, FNGD lands near the bottom at #14. Neither side won the trailing year by much: -52.1% against -55.7%.
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.
ARBE vs FNGD: side by side
| ARBE (Arbe Robotics Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -52.1% | -55.7% |
| 5-year return | -93.4% | -99.4% |
| Volatility (ann.) | 87.7% | 75.7% |
| Beta vs S&P 500 | 2.41 | -4.54 |
| Max drawdown (3Y) | -86.1% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARBE | FNGD |
|---|---|---|
| 2022 | -63.3% | +52.2% |
| 2023 | -36.1% | -90.1% |
| 2024 | -14.7% | -76.6% |
| 2025 | -36.6% | -61.4% |
| 2026 | -43.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARBE and FNGD 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 ARBE and FNGD?
As of 2026-08-27, the correlation of weekly returns between ARBE and FNGD is -0.39 over 3 years, -0.36 over 1 year and -0.25 over 5 years.
Is FNGD a good diversifier for ARBE?
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?
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/arbe-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arbe-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARBE correlations · FNGD correlations
