DUOL vs FNGD: Correlation
Duolingo, Inc. (DUOL) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUOL and FNGD?
On 3 years of weekly data the DUOL/FNGD correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.26) than the 3-year average (-0.37). The 5-year figure is -0.40, and annualized covariance runs at -1759.8 %².
Out of 13 assets tracked against DUOL, FNGD lands near the bottom at #13. Their 12-month results are close: -55.1% for DUOL against -55.7% for FNGD.
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.
DUOL vs FNGD: side by side
| DUOL (Duolingo, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -55.1% | -55.7% |
| 5-year return | +11.0% | -99.4% |
| Volatility (ann.) | 62.1% | 75.7% |
| Beta vs S&P 500 | 1.55 | -4.54 |
| Max drawdown (3Y) | -83.3% | -97.6% |
| Market cap | $6.7B | – |
| P/E (trailing) | 16.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DUOL | FNGD |
|---|---|---|
| 2022 | -33.0% | +52.2% |
| 2023 | +218.9% | -90.1% |
| 2024 | +42.9% | -76.6% |
| 2025 | -45.9% | -61.4% |
| 2026 | -18.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUOL and FNGD good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DUOL and FNGD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.26 over the last year and -0.40 over 5 years.
Is FNGD a good diversifier for DUOL?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/duol-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/duol-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DUOL correlations · FNGD correlations
