DNLI vs FNGD: Correlation
How closely do Denali Therapeutics Inc. (DNLI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNLI and FNGD?
On 3 years of weekly data the DNLI/FNGD correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -1670.0 %².
Out of 25 assets tracked against DNLI, FNGD lands near the bottom at #23. Their recent paths diverged sharply: over the last 12 months DNLI outperformed by 113.8 percentage points (+58.1% for DNLI against -55.7% for FNGD).
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.
DNLI vs FNGD: side by side
| DNLI (Denali Therapeutics Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +58.1% | -55.7% |
| 5-year return | -53.4% | -99.4% |
| Volatility (ann.) | 60.6% | 75.7% |
| Beta vs S&P 500 | 2.02 | -4.54 |
| Max drawdown (3Y) | -63.7% | -97.6% |
| Market cap | $3.9B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNLI | FNGD |
|---|---|---|
| 2022 | -37.6% | +52.2% |
| 2023 | -22.8% | -90.1% |
| 2024 | -5.0% | -76.6% |
| 2025 | -19.0% | -61.4% |
| 2026 | +49.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNLI and FNGD good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DNLI and FNGD?
The DNLI/FNGD correlation stands at -0.36 on a 3-year window (1 year: -0.31, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DNLI?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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/dnli-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dnli-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNLI correlations · FNGD correlations
