DGXX vs FNGD: Correlation
Digi Power X Inc. - Common Subordinate Voting Shares (DGXX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGXX and FNGD?
On 3 years of weekly data the DGXX/FNGD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.28). The 5-year figure is -0.37, and annualized covariance runs at -2488.7 %².
Among the 11 assets we track against DGXX, FNGD sits near the bottom by co-movement, at rank #11. The last year tells two different stories: DGXX led by 134.8 percentage points, +79.1% for DGXX against -55.7% for FNGD. Risk is not evenly split, since DGXX carries 1.5 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.
DGXX vs FNGD: side by side
| DGXX (Digi Power X Inc. - Common Subordinate Voting Shares) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +79.1% | -55.7% |
| 5-year return | -21.0% | -99.4% |
| Volatility (ann.) | 116.4% | 75.7% |
| Beta vs S&P 500 | 2.42 | -4.54 |
| Max drawdown (3Y) | -75.9% | -97.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGXX | FNGD |
|---|---|---|
| 2022 | -92.2% | +52.2% |
| 2023 | +536.1% | -90.1% |
| 2024 | -34.5% | -76.6% |
| 2025 | +70.0% | -61.4% |
| 2026 | +58.0% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGXX and FNGD good diversifiers for each other?
Yes. With a correlation of -0.28, DGXX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGXX and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.47 over the last year and -0.37 over 5 years.
Is FNGD a good diversifier for DGXX?
Yes. With a correlation of -0.28, DGXX and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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: DGXX correlations · FNGD correlations
