FNGD vs GDDY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GoDaddy (GDDY) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDDY?
Across a 3-year window, the weekly returns of FNGD and GDDY correlate at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.37). Stretching to 5 years gives -0.45, with an annualized covariance of -948.1 %².
By 3-year correlation, GDDY places #1224 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with GDDY ahead by 21.3 points (-55.7% versus -34.4%). Note the risk asymmetry: FNGD runs 2.3 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 GDDY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDDY (GoDaddy) | |
|---|---|---|
| 1-year return | -55.7% | -34.4% |
| 5-year return | -99.4% | +32.1% |
| Volatility (ann.) | 75.7% | 33.6% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -65.0% |
| Market cap | – | $12.3B |
| P/E (trailing) | 20.6 | 14.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | GDDY |
|---|---|---|
| 2022 | +52.2% | -11.8% |
| 2023 | -90.1% | +41.9% |
| 2024 | -76.6% | +85.9% |
| 2025 | -61.4% | -37.1% |
| 2026 | -49.5% | -21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDDY good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GDDY?
The FNGD/GDDY correlation stands at -0.37 on a 3-year window (1 year: -0.26, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is GDDY a good diversifier for FNGD?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gddy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gddy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GDDY correlations
