DKNG vs FNGD: Correlation
DraftKings Inc. (DKNG) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKNG and FNGD?
Over the past 3 years, DKNG and FNGD moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.29) than the 3-year average (-0.43). Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -1629.5 %².
FNGD is close to the least connected end of DKNG's tracked universe, ranking #12 of 12. Over the last 12 months DKNG came out ahead by 6.4 percentage points (-49.3% against -55.7%). Risk is not evenly split, since FNGD 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.
DKNG vs FNGD: side by side
| DKNG (DraftKings Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -49.3% | -55.7% |
| 5-year return | -59.1% | -99.4% |
| Volatility (ann.) | 50.0% | 75.7% |
| Beta vs S&P 500 | 1.64 | -4.54 |
| Max drawdown (3Y) | -61.3% | -97.6% |
| Market cap | $12.0B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DKNG | FNGD |
|---|---|---|
| 2022 | -58.5% | +52.2% |
| 2023 | +209.5% | -90.1% |
| 2024 | +5.5% | -76.6% |
| 2025 | -7.4% | -61.4% |
| 2026 | -29.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKNG and FNGD good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DKNG and FNGD?
As of 2026-08-27, the correlation of weekly returns between DKNG and FNGD is -0.43 over 3 years, -0.29 over 1 year and -0.51 over 5 years.
Is FNGD a good diversifier for DKNG?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dkng-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dkng-vs-fngd/)
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Related comparisons
Hubs: DKNG correlations · FNGD correlations
