DCBO vs FNGD: Correlation
Measured on weekly returns over the past three years, Docebo Inc. (DCBO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCBO and FNGD?
Across a 3-year window, the weekly returns of DCBO and FNGD correlate at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.43). Stretching to 5 years gives -0.53, with an annualized covariance of -1466.6 %².
Out of 12 assets tracked against DCBO, FNGD lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months DCBO outperformed by 37.6 percentage points (-18.1% for DCBO against -55.7% for FNGD). One caveat on sizing: FNGD is 1.7 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.
DCBO vs FNGD: side by side
| DCBO (Docebo Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -18.1% | -55.7% |
| 5-year return | -69.8% | -99.4% |
| Volatility (ann.) | 45.4% | 75.7% |
| Beta vs S&P 500 | 1.27 | -4.54 |
| Max drawdown (3Y) | -73.0% | -97.6% |
| Market cap | $0.6B | – |
| P/E (trailing) | 22.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DCBO | FNGD |
|---|---|---|
| 2022 | -50.8% | +52.2% |
| 2023 | +46.0% | -90.1% |
| 2024 | -7.5% | -76.6% |
| 2025 | -50.4% | -61.4% |
| 2026 | +14.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCBO and FNGD good diversifiers for each other?
Yes. With a correlation of -0.43, DCBO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DCBO and FNGD?
As of 2026-08-27, the correlation of weekly returns between DCBO and FNGD is -0.43 over 3 years, -0.30 over 1 year and -0.53 over 5 years.
Is FNGD a good diversifier for DCBO?
Yes. With a correlation of -0.43, DCBO and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
A reading of -0.43 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: DCBO correlations · FNGD correlations
