DBD vs FNGD: Correlation
How closely do Diebold Nixdorf Incorporated (DBD) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and FNGD?
On 3 years of weekly data the DBD/FNGD correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.29). The 5-year figure is n/a, and annualized covariance runs at -838.6 %².
FNGD is close to the least connected end of DBD's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months DBD outperformed by 63.1 percentage points (+7.4% for DBD against -55.7% for FNGD). One caveat on sizing: FNGD is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DBD vs FNGD: side by side
| DBD (Diebold Nixdorf Incorporated) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +7.4% | -55.7% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 38.5% | 75.7% |
| Beta vs S&P 500 | 1.07 | -4.54 |
| Max drawdown (3Y) | -25.8% | -97.6% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBD | FNGD |
|---|---|---|
| 2022 | – | +52.2% |
| 2023 | – | -90.1% |
| 2024 | +48.7% | -76.6% |
| 2025 | +57.7% | -61.4% |
| 2026 | -0.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and FNGD good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DBD and FNGD?
As of 2026-08-27, the correlation of weekly returns between DBD and FNGD is -0.29 over 3 years, -0.07 over 1 year and n/a over 5 years.
Is FNGD a good diversifier for DBD?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/dbd-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dbd-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DBD correlations · FNGD correlations
