FNGD vs FTNT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Fortinet (FTNT) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and FTNT?
On 3 years of weekly data the FNGD/FTNT correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -1196.6 %².
Within FNGD's tracked universe of 1743 assets, FTNT comes in at #1265 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FTNT ahead by 176.8 points (-55.7% versus +121.1%). One caveat on sizing: FNGD is 1.8 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 FTNT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | -55.7% | +121.1% |
| 5-year return | -99.4% | +170.5% |
| Volatility (ann.) | 75.7% | 42.1% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -35.1% |
| Market cap | – | $126.8B |
| P/E (trailing) | 20.6 | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | FTNT |
|---|---|---|
| 2022 | +52.2% | -32.0% |
| 2023 | -90.1% | +19.7% |
| 2024 | -76.6% | +61.4% |
| 2025 | -61.4% | -16.0% |
| 2026 | -49.5% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and FTNT good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and FTNT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and FTNT?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.28 over the last year and -0.48 over 5 years.
Is FTNT a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and FTNT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
A reading of -0.38 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/fngd-vs-ftnt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ftnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · FTNT correlations
