FNGD vs GDRX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GoodRx Holdings, Inc. (GDRX) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDRX?
Across a 3-year window, the weekly returns of FNGD and GDRX correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.23 over 3 years. Stretching to 5 years gives -0.38, with an annualized covariance of -1077.0 %².
By 3-year correlation, GDRX places #244 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with GDRX ahead by 33.7 points (-55.7% versus -22.0%).
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 GDRX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDRX (GoodRx Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -22.0% |
| 5-year return | -99.4% | -90.5% |
| Volatility (ann.) | 75.7% | 62.1% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -79.3% |
| Market cap | – | $1.2B |
| P/E (trailing) | 20.6 | 58.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GDRX |
|---|---|---|
| 2022 | +52.2% | -85.7% |
| 2023 | -90.1% | +43.8% |
| 2024 | -76.6% | -30.6% |
| 2025 | -61.4% | -41.7% |
| 2026 | -49.5% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDRX good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and GDRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GDRX?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.40 over the last year and -0.38 over 5 years.
Is GDRX a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and GDRX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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 · GDRX correlations
