DLB vs FNGD: Correlation
How closely do Dolby Laboratories (DLB) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLB and FNGD?
Over the past 3 years, DLB and FNGD moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -651.4 %².
FNGD is close to the least connected end of DLB's tracked universe, ranking #10 of 12. The last year tells two different stories: DLB led by 43.4 percentage points, -12.3% for DLB against -55.7% for FNGD. Risk is not evenly split, since FNGD carries 2.9 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.
DLB vs FNGD: side by side
| DLB (Dolby Laboratories) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -12.3% | -55.7% |
| 5-year return | -31.8% | -99.4% |
| Volatility (ann.) | 26.0% | 75.7% |
| Beta vs S&P 500 | 0.78 | -4.54 |
| Max drawdown (3Y) | -43.2% | -97.6% |
| Market cap | $5.8B | – |
| P/E (trailing) | 27.6 | 20.6 |
| Dividend yield | 2.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLB | FNGD |
|---|---|---|
| 2022 | -24.9% | +52.2% |
| 2023 | +23.8% | -90.1% |
| 2024 | -7.9% | -76.6% |
| 2025 | -16.3% | -61.4% |
| 2026 | -1.1% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLB and FNGD good diversifiers for each other?
Yes. With a correlation of -0.33, DLB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DLB and FNGD?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.23 over the last year and -0.41 over 5 years.
Is FNGD a good diversifier for DLB?
Yes. With a correlation of -0.33, DLB and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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/dlb-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dlb-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLB correlations · FNGD correlations
