BOX vs FNGD: Correlation
Measured on weekly returns over the past three years, Box, Inc. (BOX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOX and FNGD?
On 3 years of weekly data the BOX/FNGD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.24 over 3. The 5-year figure is -0.32, and annualized covariance runs at -572.6 %².
FNGD is close to the least connected end of BOX's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with BOX ahead by 62.7 points (+7.0% versus -55.7%). Note the risk asymmetry: FNGD runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BOX vs FNGD: side by side
| BOX (Box, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +7.0% | -55.7% |
| 5-year return | +35.7% | -99.4% |
| Volatility (ann.) | 31.3% | 75.7% |
| Beta vs S&P 500 | 0.61 | -4.54 |
| Max drawdown (3Y) | -44.6% | -97.6% |
| Market cap | $4.8B | – |
| P/E (trailing) | 48.9 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOX | FNGD |
|---|---|---|
| 2022 | +18.9% | +52.2% |
| 2023 | -17.7% | -90.1% |
| 2024 | +23.4% | -76.6% |
| 2025 | -5.3% | -61.4% |
| 2026 | +16.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.24, BOX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BOX and FNGD?
The BOX/FNGD correlation stands at -0.24 on a 3-year window (1 year: -0.33, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for BOX?
Yes. With a correlation of -0.24, BOX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/box-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BOX correlations · FNGD correlations
