FNGD vs FRPT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Freshpet, Inc. (FRPT) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRPT?
On 3 years of weekly data the FNGD/FRPT correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. The 5-year figure is -0.29, and annualized covariance runs at -967.7 %².
Within FNGD's tracked universe of 1743 assets, FRPT comes in at #688 by 3-year correlation. The last year tells two different stories: FRPT led by 82.4 percentage points, -55.7% for FNGD against +26.7% for FRPT. Note the risk asymmetry: FNGD runs 1.6 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.
FNGD vs FRPT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRPT (Freshpet, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +26.7% |
| 5-year return | -99.4% | -42.7% |
| Volatility (ann.) | 75.7% | 45.9% |
| Beta vs S&P 500 | -4.54 | 1.15 |
| Max drawdown (3Y) | -97.6% | -70.9% |
| Market cap | – | $3.5B |
| P/E (trailing) | 20.6 | 19.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRPT |
|---|---|---|
| 2022 | +52.2% | -44.6% |
| 2023 | -90.1% | +64.4% |
| 2024 | -76.6% | +70.7% |
| 2025 | -61.4% | -58.9% |
| 2026 | -49.5% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRPT good diversifiers for each other?
Yes. With a correlation of -0.28, FNGD and FRPT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FRPT?
As of 2026-08-27, the correlation of weekly returns between FNGD and FRPT is -0.28 over 3 years, -0.21 over 1 year and -0.29 over 5 years.
Is FRPT a good diversifier for FNGD?
Yes. With a correlation of -0.28, FNGD and FRPT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-frpt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-frpt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FRPT correlations
