DT vs FNGD: Correlation
How closely do Dynatrace, Inc. (DT) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DT and FNGD?
Across a 3-year window, the weekly returns of DT and FNGD correlate at -0.44, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. Stretching to 5 years gives -0.56, with an annualized covariance of -1147.9 %².
Out of 26 assets tracked against DT, FNGD lands near the bottom at #26. Correlation aside, the last 12 months split them widely, with DT ahead by 62.3 points (+6.6% versus -55.7%). Note the risk asymmetry: FNGD runs 2.2 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.
DT vs FNGD: side by side
| DT (Dynatrace, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +6.6% | -55.7% |
| 5-year return | -21.5% | -99.4% |
| Volatility (ann.) | 34.3% | 75.7% |
| Beta vs S&P 500 | 1.02 | -4.54 |
| Max drawdown (3Y) | -48.2% | -97.6% |
| Market cap | $15.5B | – |
| P/E (trailing) | 102.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DT | FNGD |
|---|---|---|
| 2022 | -36.5% | +52.2% |
| 2023 | +42.8% | -90.1% |
| 2024 | -0.6% | -76.6% |
| 2025 | -20.3% | -61.4% |
| 2026 | +23.3% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DT and FNGD good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DT and FNGD?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.37 over the last year and -0.56 over 5 years.
Is FNGD a good diversifier for DT?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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/dt-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dt-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DT correlations · FNGD correlations
