DLR vs FNGD: Correlation
Digital Realty (DLR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLR and FNGD?
Across a 3-year window, the weekly returns of DLR and FNGD correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.39, with an annualized covariance of -612.1 %².
Out of 30 assets tracked against DLR, FNGD lands near the bottom at #30. Their recent paths diverged sharply: over the last 12 months DLR outperformed by 72.1 percentage points (+16.4% for DLR against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DLR vs FNGD: side by side
| DLR (Digital Realty) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +16.4% | -55.7% |
| 5-year return | +40.3% | -99.4% |
| Volatility (ann.) | 27.1% | 75.7% |
| Beta vs S&P 500 | 0.73 | -4.54 |
| Max drawdown (3Y) | -29.4% | -97.6% |
| Market cap | $72.5B | – |
| P/E (trailing) | 94.2 | 20.6 |
| Dividend yield | 2.52% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | DLR | FNGD |
|---|---|---|
| 2022 | -41.0% | +52.2% |
| 2023 | +39.9% | -90.1% |
| 2024 | +35.9% | -76.6% |
| 2025 | -10.1% | -61.4% |
| 2026 | +25.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLR and FNGD good diversifiers for each other?
Yes. With a correlation of -0.30, DLR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DLR and FNGD?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.07 over the last year and -0.39 over 5 years.
Is FNGD a good diversifier for DLR?
Yes. With a correlation of -0.30, DLR and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/dlr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dlr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLR correlations · FNGD correlations
