FLEX vs FNGD: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and FNGD?
Over the past 3 years, FLEX and FNGD moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.34 versus -0.45 over 3 years. Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -1729.5 %².
Among the 45 assets we track against FLEX, FNGD sits near the bottom by co-movement, at rank #45. The last year tells two different stories: FLEX led by 170.3 percentage points, +114.6% for FLEX 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.
FLEX vs FNGD: side by side
| FLEX (Flex Ltd.) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +114.6% | -55.7% |
| 5-year return | +716.5% | -99.4% |
| Volatility (ann.) | 50.9% | 75.7% |
| Beta vs S&P 500 | 1.70 | -4.54 |
| Max drawdown (3Y) | -40.0% | -97.6% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | 20.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | FNGD |
|---|---|---|
| 2022 | +17.1% | +52.2% |
| 2023 | +41.9% | -90.1% |
| 2024 | +67.2% | -76.6% |
| 2025 | +57.4% | -61.4% |
| 2026 | +90.8% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and FNGD good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLEX and FNGD?
As of 2026-08-27, the correlation of weekly returns between FLEX and FNGD is -0.45 over 3 years, -0.34 over 1 year and -0.48 over 5 years.
Is FNGD a good diversifier for FLEX?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 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/flex-vs-fngd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flex-vs-fngd/)
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Related comparisons
Hubs: FLEX correlations · FNGD correlations
