DLO vs FNGD: Correlation
Measured on weekly returns over the past three years, DLocal Limited - Class A (DLO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLO and FNGD?
Across a 3-year window, the weekly returns of DLO and FNGD correlate at -0.28, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.28 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -1194.0 %².
FNGD is close to the least connected end of DLO's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with DLO ahead by 62.0 points (+6.3% 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.
DLO vs FNGD: side by side
| DLO (DLocal Limited - Class A) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +6.3% | -55.7% |
| 5-year return | -74.1% | -99.4% |
| Volatility (ann.) | 55.6% | 75.7% |
| Beta vs S&P 500 | 1.22 | -4.54 |
| Max drawdown (3Y) | -68.6% | -97.6% |
| Market cap | $4.5B | – |
| P/E (trailing) | 22.6 | 20.6 |
| Dividend yield | 1.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLO | FNGD |
|---|---|---|
| 2022 | -56.4% | +52.2% |
| 2023 | +13.6% | -90.1% |
| 2024 | -36.3% | -76.6% |
| 2025 | +31.7% | -61.4% |
| 2026 | +8.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLO and FNGD good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DLO and FNGD?
As of 2026-08-27, the correlation of weekly returns between DLO and FNGD is -0.28 over 3 years, -0.26 over 1 year and -0.34 over 5 years.
Is FNGD a good diversifier for DLO?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
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
$ curl https://www.pairbook.io/api/v1/pairs/dlo-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dlo-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLO correlations · FNGD correlations
