DPRO vs FNGD: Correlation
Draganfly Inc. (DPRO) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPRO and FNGD?
Across a 3-year window, the weekly returns of DPRO and FNGD correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.22). Stretching to 5 years gives -0.24, with an annualized covariance of -1969.6 %².
Out of 12 assets tracked against DPRO, FNGD lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months DPRO outperformed by 50.5 percentage points (-5.2% for DPRO against -55.7% for FNGD). Note the risk asymmetry: DPRO 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.
DPRO vs FNGD: side by side
| DPRO (Draganfly Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -5.2% | -55.7% |
| 5-year return | -93.9% | -99.4% |
| Volatility (ann.) | 118.7% | 75.7% |
| Beta vs S&P 500 | 2.21 | -4.54 |
| Max drawdown (3Y) | -92.7% | -97.6% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DPRO | FNGD |
|---|---|---|
| 2022 | -54.0% | +52.2% |
| 2023 | -36.0% | -90.1% |
| 2024 | -66.6% | -76.6% |
| 2025 | +72.3% | -61.4% |
| 2026 | -36.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPRO and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between DPRO and FNGD?
As of 2026-08-27, the correlation of weekly returns between DPRO and FNGD is -0.22 over 3 years, -0.38 over 1 year and -0.24 over 5 years.
Is FNGD a good diversifier for DPRO?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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
$ curl https://www.pairbook.io/api/v1/pairs/dpro-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dpro-vs-fngd/)
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Related comparisons
Hubs: DPRO correlations · FNGD correlations
