DPZ vs FNGD: Correlation
Measured on weekly returns over the past three years, Domino's (DPZ) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPZ and FNGD?
On 3 years of weekly data the DPZ/FNGD correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.14 versus -0.25 over 3 years. The 5-year figure is -0.32, and annualized covariance runs at -533.8 %².
Among the 31 assets we track against DPZ, FNGD ranks #26 by 3-year correlation. The last year tells two different stories: DPZ led by 30.5 percentage points, -25.2% for DPZ against -55.7% for FNGD. Note the risk asymmetry: FNGD runs 2.7 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.
DPZ vs FNGD: side by side
| DPZ (Domino's) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -25.2% | -55.7% |
| 5-year return | -31.2% | -99.4% |
| Volatility (ann.) | 27.8% | 75.7% |
| Beta vs S&P 500 | 0.67 | -4.54 |
| Max drawdown (3Y) | -45.1% | -97.6% |
| Market cap | $11.0B | – |
| P/E (trailing) | 19.5 | 20.6 |
| Dividend yield | 2.17% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | DPZ | FNGD |
|---|---|---|
| 2022 | -37.9% | +52.2% |
| 2023 | +20.7% | -90.1% |
| 2024 | +3.2% | -76.6% |
| 2025 | +0.9% | -61.4% |
| 2026 | -19.4% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPZ and FNGD good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DPZ and FNGD?
The DPZ/FNGD correlation stands at -0.25 on a 3-year window (1 year: -0.14, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DPZ?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dpz-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dpz-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DPZ correlations · FNGD correlations
