DBX vs FNGD: Correlation
Dropbox, Inc. (DBX) 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 DBX and FNGD?
On 3 years of weekly data the DBX/FNGD correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. The 5-year figure is -0.49, and annualized covariance runs at -953.6 %².
Among the 18 assets we track against DBX, FNGD sits near the bottom by co-movement, at rank #18. The last year tells two different stories: DBX led by 80.2 percentage points, +24.5% for DBX 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.
DBX vs FNGD: side by side
| DBX (Dropbox, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +24.5% | -55.7% |
| 5-year return | +14.9% | -99.4% |
| Volatility (ann.) | 32.7% | 75.7% |
| Beta vs S&P 500 | 0.86 | -4.54 |
| Max drawdown (3Y) | -37.4% | -97.6% |
| Market cap | $7.8B | – |
| P/E (trailing) | 19.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBX | FNGD |
|---|---|---|
| 2022 | -8.8% | +52.2% |
| 2023 | +31.7% | -90.1% |
| 2024 | +1.9% | -76.6% |
| 2025 | -7.5% | -61.4% |
| 2026 | +29.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between DBX and FNGD?
As of 2026-08-27, the correlation of weekly returns between DBX and FNGD is -0.38 over 3 years, -0.40 over 1 year and -0.49 over 5 years.
Is FNGD a good diversifier for DBX?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DBX correlations · FNGD correlations
