DB vs FNGD: Correlation
Deutsche Bank AG (DB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DB and FNGD?
Over the past 3 years, DB and FNGD moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.48) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -930.1 %².
Among the 11 assets we track against DB, FNGD sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months DB outperformed by 74.2 percentage points (+18.5% for DB against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.3 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.
DB vs FNGD: side by side
| DB (Deutsche Bank AG) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +18.5% | -55.7% |
| 5-year return | +278.5% | -99.4% |
| Volatility (ann.) | 32.7% | 75.7% |
| Beta vs S&P 500 | 1.08 | -4.54 |
| Max drawdown (3Y) | -29.7% | -97.6% |
| Market cap | $75.3B | – |
| P/E (trailing) | 10.5 | 20.6 |
| Dividend yield | 2.49% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DB | FNGD |
|---|---|---|
| 2022 | -5.9% | +52.2% |
| 2023 | +21.3% | -90.1% |
| 2024 | +29.5% | -76.6% |
| 2025 | +132.4% | -61.4% |
| 2026 | +7.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DB and FNGD good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DB and FNGD?
The DB/FNGD correlation stands at -0.38 on a 3-year window (1 year: -0.48, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DB?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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
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Related comparisons
Hubs: DB correlations · FNGD correlations
