DGII vs FNGD: Correlation
Measured on weekly returns over the past three years, Digi International Inc. (DGII) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGII and FNGD?
On 3 years of weekly data the DGII/FNGD correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.35 over 3. The 5-year figure is -0.40, and annualized covariance runs at -1070.6 %².
Out of 10 assets tracked against DGII, FNGD lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with DGII ahead by 181.7 points (+126.0% versus -55.7%). Risk is not evenly split, since FNGD carries 1.9 times the volatility of the other side.
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.
DGII vs FNGD: side by side
| DGII (Digi International Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +126.0% | -55.7% |
| 5-year return | +253.2% | -99.4% |
| Volatility (ann.) | 40.0% | 75.7% |
| Beta vs S&P 500 | 1.26 | -4.54 |
| Max drawdown (3Y) | -35.2% | -97.6% |
| Market cap | $2.9B | – |
| P/E (trailing) | 60.5 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGII | FNGD |
|---|---|---|
| 2022 | +48.8% | +52.2% |
| 2023 | -28.9% | -90.1% |
| 2024 | +16.3% | -76.6% |
| 2025 | +43.2% | -61.4% |
| 2026 | +78.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGII and FNGD good diversifiers for each other?
Yes. With a correlation of -0.35, DGII and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGII and FNGD?
The DGII/FNGD correlation stands at -0.35 on a 3-year window (1 year: -0.33, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DGII?
Yes. With a correlation of -0.35, DGII and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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
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Related comparisons
Hubs: DGII correlations · FNGD correlations
