FNGD vs GBTG: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Global Business Travel Group, Inc. (GBTG) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GBTG?
Over the past 3 years, FNGD and GBTG moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.33 over 3. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -1254.9 %².
Within FNGD's tracked universe of 1743 assets, GBTG comes in at #1031 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GBTG outperformed by 70.5 percentage points (-55.7% for FNGD against +14.8% for GBTG).
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 GBTG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +14.8% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 50.5% |
| Beta vs S&P 500 | -4.54 | 1.39 |
| Max drawdown (3Y) | -97.6% | -48.0% |
| Market cap | – | $4.9B |
| P/E (trailing) | 20.6 | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GBTG |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | -4.4% |
| 2024 | -76.6% | +43.9% |
| 2025 | -61.4% | -17.6% |
| 2026 | -49.5% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GBTG good diversifiers for each other?
Yes. With a correlation of -0.33, FNGD and GBTG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GBTG?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.36 over the last year and -0.25 over 5 years.
Is GBTG a good diversifier for FNGD?
Yes. With a correlation of -0.33, FNGD and GBTG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gbtg/)
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Related comparisons
Hubs: FNGD correlations · GBTG correlations
