DOCS vs FNGD: Correlation
How closely do Doximity, Inc. (DOCS) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and FNGD?
Across a 3-year window, the weekly returns of DOCS and FNGD correlate at -0.39, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.39). Stretching to 5 years gives -0.47, with an annualized covariance of -1775.2 %².
Out of 15 assets tracked against DOCS, FNGD lands near the bottom at #15. On 12-month performance FNGD holds a 6.7-point edge, -62.4% against -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.
DOCS vs FNGD: side by side
| DOCS (Doximity, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -62.4% | -55.7% |
| 5-year return | -69.1% | -99.4% |
| Volatility (ann.) | 59.8% | 75.7% |
| Beta vs S&P 500 | 1.53 | -4.54 |
| Max drawdown (3Y) | -78.3% | -97.6% |
| Market cap | $4.6B | – |
| P/E (trailing) | 29.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCS | FNGD |
|---|---|---|
| 2022 | -33.1% | +52.2% |
| 2023 | -16.4% | -90.1% |
| 2024 | +90.4% | -76.6% |
| 2025 | -17.1% | -61.4% |
| 2026 | -42.2% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between DOCS and FNGD?
As of 2026-08-27, the correlation of weekly returns between DOCS and FNGD is -0.39 over 3 years, -0.50 over 1 year and -0.47 over 5 years.
Is FNGD a good diversifier for DOCS?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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
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Related comparisons
Hubs: DOCS correlations · FNGD correlations
