FNGD vs FROG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and JFrog Ltd. (FROG) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FROG?
On 3 years of weekly data the FNGD/FROG correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.31 over 3 years. The 5-year figure is -0.43, and annualized covariance runs at -1321.2 %².
Within FNGD's tracked universe of 1743 assets, FROG comes in at #892 by 3-year correlation. The last year tells two different stories: FROG led by 168.0 percentage points, -55.7% for FNGD against +112.3% for FROG.
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 FROG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FROG (JFrog Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +112.3% |
| 5-year return | -99.4% | +167.6% |
| Volatility (ann.) | 75.7% | 56.8% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -49.6% |
| Market cap | – | $12.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FROG |
|---|---|---|
| 2022 | +52.2% | -28.2% |
| 2023 | -90.1% | +62.3% |
| 2024 | -76.6% | -15.0% |
| 2025 | -61.4% | +112.4% |
| 2026 | -49.5% | +66.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FROG good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and FROG?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.18 over the last year and -0.43 over 5 years.
Is FROG a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/fngd-vs-frog.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-frog/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · FROG correlations
