EXTR vs FNGD: Correlation
How closely do Extreme Networks, Inc. (EXTR) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXTR and FNGD?
Over the past 3 years, EXTR and FNGD moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.28). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -986.1 %².
FNGD is close to the least connected end of EXTR's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with EXTR ahead by 63.7 points (+8.0% versus -55.7%). One caveat on sizing: FNGD is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EXTR vs FNGD: side by side
| EXTR (Extreme Networks, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +8.0% | -55.7% |
| 5-year return | +112.0% | -99.4% |
| Volatility (ann.) | 46.3% | 75.7% |
| Beta vs S&P 500 | 1.23 | -4.54 |
| Max drawdown (3Y) | -61.5% | -97.6% |
| Market cap | $3.0B | – |
| P/E (trailing) | 72.6 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXTR | FNGD |
|---|---|---|
| 2022 | +16.6% | +52.2% |
| 2023 | -3.7% | -90.1% |
| 2024 | -5.1% | -76.6% |
| 2025 | -0.5% | -61.4% |
| 2026 | +39.5% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXTR and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between EXTR and FNGD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.04 over the last year and -0.32 over 5 years.
Is FNGD a good diversifier for EXTR?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/extr-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/extr-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXTR correlations · FNGD correlations
