DV vs FNGD: Correlation
DoubleVerify Holdings, Inc. (DV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DV and FNGD?
On 3 years of weekly data the DV/FNGD correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.33 over 3. The 5-year figure is -0.45, and annualized covariance runs at -1280.8 %².
FNGD is close to the least connected end of DV's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with DV ahead by 37.7 points (-18.0% versus -55.7%).
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.
DV vs FNGD: side by side
| DV (DoubleVerify Holdings, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -18.0% | -55.7% |
| 5-year return | -62.1% | -99.4% |
| Volatility (ann.) | 51.0% | 75.7% |
| Beta vs S&P 500 | 1.13 | -4.54 |
| Max drawdown (3Y) | -79.7% | -97.6% |
| Market cap | $2.1B | – |
| P/E (trailing) | 38.1 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DV | FNGD |
|---|---|---|
| 2022 | -34.0% | +52.2% |
| 2023 | +67.5% | -90.1% |
| 2024 | -47.8% | -76.6% |
| 2025 | -40.4% | -61.4% |
| 2026 | +16.6% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DV and FNGD good diversifiers for each other?
Yes. With a correlation of -0.33, DV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DV and FNGD?
The DV/FNGD correlation stands at -0.33 on a 3-year window (1 year: -0.34, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for DV?
Yes. With a correlation of -0.33, DV and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/dv-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dv-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DV correlations · FNGD correlations
