COIN vs FNGD: Correlation
Coinbase (COIN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and FNGD?
On 3 years of weekly data the COIN/FNGD correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.55) runs below the 3-year figure (-0.44). The 5-year figure is -0.54, and annualized covariance runs at -2685.6 %².
Out of 34 assets tracked against COIN, FNGD lands near the bottom at #34. Correlation aside, the last 12 months split them widely, with COIN ahead by 17.4 points (-38.3% versus -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.
COIN vs FNGD: side by side
| COIN (Coinbase) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -38.3% | -55.7% |
| 5-year return | -27.4% | -99.4% |
| Volatility (ann.) | 80.0% | 75.7% |
| Beta vs S&P 500 | 2.66 | -4.54 |
| Max drawdown (3Y) | -66.4% | -97.6% |
| Market cap | $50.3B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | COIN | FNGD |
|---|---|---|
| 2022 | -86.0% | +52.2% |
| 2023 | +391.4% | -90.1% |
| 2024 | +42.8% | -76.6% |
| 2025 | -8.9% | -61.4% |
| 2026 | -15.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COIN and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
FAQ
What is the correlation between COIN and FNGD?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.55 over the last year and -0.54 over 5 years.
Is FNGD a good diversifier for COIN?
By historical standards, yes. A correlation of -0.44 means the two rarely move for the same reasons.
What does a correlation of -0.44 mean?
A reading of -0.44 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/coin-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/coin-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COIN correlations · FNGD correlations
