FFIV vs FNGD: Correlation
Measured on weekly returns over the past three years, F5, Inc. (FFIV) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and FNGD?
Across a 3-year window, the weekly returns of FFIV and FNGD correlate at -0.37, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.37 over 3 years. Stretching to 5 years gives -0.50, with an annualized covariance of -748.8 %².
FNGD is close to the least connected end of FFIV's tracked universe, ranking #34 of 34. Their recent paths diverged sharply: over the last 12 months FFIV outperformed by 84.8 percentage points (+29.1% for FFIV against -55.7% for FNGD). Note the risk asymmetry: FNGD runs 2.8 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.
FFIV vs FNGD: side by side
| FFIV (F5, Inc.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +29.1% | -55.7% |
| 5-year return | +99.3% | -99.4% |
| Volatility (ann.) | 26.6% | 75.7% |
| Beta vs S&P 500 | 0.77 | -4.54 |
| Max drawdown (3Y) | -34.7% | -97.6% |
| Market cap | $23.2B | – |
| P/E (trailing) | 31.8 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FFIV | FNGD |
|---|---|---|
| 2022 | -41.4% | +52.2% |
| 2023 | +24.7% | -90.1% |
| 2024 | +40.5% | -76.6% |
| 2025 | +1.5% | -61.4% |
| 2026 | +60.7% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIV 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 FFIV and FNGD?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.13 over the last year and -0.50 over 5 years.
Is FNGD a good diversifier for FFIV?
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?
A reading of -0.37 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/ffiv-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffiv-vs-fngd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFIV correlations · FNGD correlations
