ARKK vs FNGD: Correlation
Measured on weekly returns over the past three years, ARK Innovation ETF (ARKK) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.72, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and FNGD?
Across a 3-year window, the weekly returns of ARKK and FNGD correlate at -0.72, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.73 lands near the 3-year figure. Stretching to 5 years gives -0.77, with an annualized covariance of -2131.7 %².
FNGD is close to the least connected end of ARKK's tracked universe, ranking #122 of 122. Their recent paths diverged sharply: over the last 12 months ARKK outperformed by 71.4 percentage points (+15.7% for ARKK against -55.7% for FNGD). Risk is not evenly split, since FNGD carries 2.0 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.
ARKK vs FNGD: side by side
| ARKK (ARK Innovation ETF) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +15.7% | -55.7% |
| 5-year return | -27.7% | -99.4% |
| Volatility (ann.) | 38.8% | 75.7% |
| Beta vs S&P 500 | 2.07 | -4.54 |
| Max drawdown (3Y) | -39.6% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | FNGD |
|---|---|---|
| 2022 | -67.0% | +52.2% |
| 2023 | +69.0% | -90.1% |
| 2024 | +8.4% | -76.6% |
| 2025 | +35.5% | -61.4% |
| 2026 | +13.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and FNGD good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARKK and FNGD?
As of 2026-08-27, the correlation of weekly returns between ARKK and FNGD is -0.72 over 3 years, -0.73 over 1 year and -0.77 over 5 years.
Is FNGD a good diversifier for ARKK?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 mean?
A reading of -0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arkk-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arkk-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARKK correlations · FNGD correlations
