DH vs FNGD: Correlation
How closely do Definitive Healthcare Corp. (DH) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DH and FNGD?
Over the past 3 years, DH and FNGD moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -1660.9 %².
FNGD is close to the least connected end of DH's tracked universe, ranking #12 of 14. Correlation aside, the last 12 months split them widely, with FNGD ahead by 24.1 points (-79.8% versus -55.7%).
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.
DH vs FNGD: side by side
| DH (Definitive Healthcare Corp.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -79.8% | -55.7% |
| 5-year return | -98.1% | -99.4% |
| Volatility (ann.) | 65.1% | 75.7% |
| Beta vs S&P 500 | 1.74 | -4.54 |
| Max drawdown (3Y) | -93.9% | -97.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DH | FNGD |
|---|---|---|
| 2022 | -59.8% | +52.2% |
| 2023 | -9.6% | -90.1% |
| 2024 | -58.7% | -76.6% |
| 2025 | -30.2% | -61.4% |
| 2026 | -71.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DH and FNGD good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DH and FNGD?
As of 2026-08-27, the correlation of weekly returns between DH and FNGD is -0.34 over 3 years, -0.38 over 1 year and -0.43 over 5 years.
Is FNGD a good diversifier for DH?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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
$ curl https://www.pairbook.io/api/v1/pairs/dh-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dh-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DH correlations · FNGD correlations
