FNGD vs FRSH: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Freshworks Inc. (FRSH) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FRSH?
Over the past 3 years, FNGD and FRSH moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.37 over 3. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -1370.5 %².
Among the 1743 assets we track against FNGD, FRSH ranks #1223 by 3-year correlation. The last year tells two different stories: FRSH led by 56.3 percentage points, -55.7% for FNGD against +0.6% for FRSH. One caveat on sizing: FNGD is 1.5 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 FRSH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FRSH (Freshworks Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +0.6% |
| 5-year return | -99.4% | -71.2% |
| Volatility (ann.) | 75.7% | 48.9% |
| Beta vs S&P 500 | -4.54 | 1.46 |
| Max drawdown (3Y) | -97.6% | -71.9% |
| Market cap | – | $3.6B |
| P/E (trailing) | 20.6 | 20.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | FRSH |
|---|---|---|
| 2022 | +52.2% | -44.0% |
| 2023 | -90.1% | +59.7% |
| 2024 | -76.6% | -31.2% |
| 2025 | -61.4% | -24.2% |
| 2026 | -49.5% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FRSH good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and FRSH?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.32 over the last year and -0.45 over 5 years.
Is FRSH a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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.
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Related comparisons
Hubs: FNGD correlations · FRSH correlations
