FABC vs FNGD: Correlation
Fabric.AI, Inc. (FABC) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FABC and FNGD?
Across a 3-year window, the weekly returns of FABC and FNGD correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.46 versus -0.23 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -1610.3 %².
FNGD is close to the least connected end of FABC's tracked universe, ranking #9 of 10. Neither side won the trailing year by much: -52.7% against -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.
FABC vs FNGD: side by side
| FABC (Fabric.AI, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | -52.7% | -55.7% |
| 5-year return | -99.5% | -99.4% |
| Volatility (ann.) | 91.5% | 75.7% |
| Beta vs S&P 500 | 1.87 | -4.54 |
| Max drawdown (3Y) | -97.7% | -97.6% |
| Market cap | – | – |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FABC | FNGD |
|---|---|---|
| 2022 | -76.4% | +52.2% |
| 2023 | -42.1% | -90.1% |
| 2024 | -61.4% | -76.6% |
| 2025 | -77.5% | -61.4% |
| 2026 | +13.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FABC and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FABC and FNGD?
As of 2026-08-27, the correlation of weekly returns between FABC and FNGD is -0.23 over 3 years, -0.46 over 1 year and -0.32 over 5 years.
Is FNGD a good diversifier for FABC?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fabc-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fabc-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FABC correlations · FNGD correlations
