DOCN vs FNGD: Correlation
How closely do DigitalOcean Holdings, Inc. (DOCN) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCN and FNGD?
On 3 years of weekly data the DOCN/FNGD correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.30). The 5-year figure is -0.46, and annualized covariance runs at -1489.0 %².
Out of 16 assets tracked against DOCN, FNGD lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months DOCN outperformed by 331.7 percentage points (+276.0% for DOCN 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.
DOCN vs FNGD: side by side
| DOCN (DigitalOcean Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +276.0% | -55.7% |
| 5-year return | +95.5% | -99.4% |
| Volatility (ann.) | 64.8% | 75.7% |
| Beta vs S&P 500 | 1.71 | -4.54 |
| Max drawdown (3Y) | -44.9% | -97.6% |
| Market cap | $14.3B | – |
| P/E (trailing) | 52.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCN | FNGD |
|---|---|---|
| 2022 | -68.3% | +52.2% |
| 2023 | +44.1% | -90.1% |
| 2024 | -7.1% | -76.6% |
| 2025 | +41.2% | -61.4% |
| 2026 | +152.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCN and FNGD good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOCN and FNGD?
The DOCN/FNGD correlation stands at -0.30 on a 3-year window (1 year: -0.11, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DOCN?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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
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Related comparisons
Hubs: DOCN correlations · FNGD correlations
