DOV vs FNGD: Correlation
Measured on weekly returns over the past three years, Dover Corporation (DOV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOV and FNGD?
Over the past 3 years, DOV and FNGD moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.00) than the 3-year average (-0.39). Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -676.4 %².
Among the 78 assets we track against DOV, FNGD sits near the bottom by co-movement, at rank #76. Correlation aside, the last 12 months split them widely, with DOV ahead by 67.3 points (+11.6% versus -55.7%). Note the risk asymmetry: FNGD runs 3.3 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.
DOV vs FNGD: side by side
| DOV (Dover Corporation) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +11.6% | -55.7% |
| 5-year return | +21.8% | -99.4% |
| Volatility (ann.) | 22.8% | 75.7% |
| Beta vs S&P 500 | 0.99 | -4.54 |
| Max drawdown (3Y) | -26.6% | -97.6% |
| Market cap | $27.2B | – |
| P/E (trailing) | 24.8 | 20.6 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DOV | FNGD |
|---|---|---|
| 2022 | -24.3% | +52.2% |
| 2023 | +15.2% | -90.1% |
| 2024 | +23.3% | -76.6% |
| 2025 | +5.2% | -61.4% |
| 2026 | +3.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOV and FNGD good diversifiers for each other?
Yes. With a correlation of -0.39, DOV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DOV and FNGD?
As of 2026-08-27, the correlation of weekly returns between DOV and FNGD is -0.39 over 3 years, -0.00 over 1 year and -0.45 over 5 years.
Is FNGD a good diversifier for DOV?
Yes. With a correlation of -0.39, DOV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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/dov-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dov-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOV correlations · FNGD correlations
