DOCU vs FNGD: Correlation
How closely do DocuSign, Inc. (DOCU) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCU and FNGD?
Across a 3-year window, the weekly returns of DOCU and FNGD correlate at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.46 lands near the 3-year figure. Stretching to 5 years gives -0.56, with an annualized covariance of -1444.7 %².
Out of 13 assets tracked against DOCU, FNGD lands near the bottom at #13. The last year tells two different stories: DOCU led by 41.1 percentage points, -14.6% for DOCU against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 1.6 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.
DOCU vs FNGD: side by side
| DOCU (DocuSign, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -14.6% | -55.7% |
| 5-year return | -79.0% | -99.4% |
| Volatility (ann.) | 48.0% | 75.7% |
| Beta vs S&P 500 | 1.22 | -4.54 |
| Max drawdown (3Y) | -61.0% | -97.6% |
| Market cap | $12.2B | – |
| P/E (trailing) | 41.4 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCU | FNGD |
|---|---|---|
| 2022 | -63.6% | +52.2% |
| 2023 | +7.3% | -90.1% |
| 2024 | +51.3% | -76.6% |
| 2025 | -23.9% | -61.4% |
| 2026 | -6.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCU and FNGD good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOCU and FNGD?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.46 over the last year and -0.56 over 5 years.
Is FNGD a good diversifier for DOCU?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
A reading of -0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DOCU correlations · FNGD correlations
