FNGD vs FRGT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Freight Technologies, Inc. (FRGT) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRGT?
Over the past 3 years, FNGD and FRGT moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.12) sits close to the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -1804.9 %².
Within FNGD's tracked universe of 1743 assets, FRGT comes in at #84 by 3-year correlation. The last year tells two different stories: FNGD led by 39.7 percentage points, -55.7% for FNGD against -95.4% for FRGT. One caveat on sizing: FRGT 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.
FNGD vs FRGT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRGT (Freight Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -95.4% |
| 5-year return | -99.4% | -100.0% |
| Volatility (ann.) | 75.7% | 119.4% |
| Beta vs S&P 500 | -4.54 | 1.68 |
| Max drawdown (3Y) | -97.6% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRGT |
|---|---|---|
| 2022 | +52.2% | -96.2% |
| 2023 | -90.1% | -85.3% |
| 2024 | -76.6% | -97.8% |
| 2025 | -61.4% | -95.6% |
| 2026 | -49.5% | -82.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRGT good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and FRGT?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.12 over the last year and -0.22 over 5 years.
Is FRGT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-frgt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-frgt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · FRGT correlations
