FNGD vs GDYN: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Grid Dynamics Holdings, Inc. (GDYN) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GDYN?
Over the past 3 years, FNGD and GDYN moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.47 over 1 year against -0.38 over 3. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -1397.8 %².
Within FNGD's tracked universe of 1743 assets, GDYN comes in at #1267 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDYN outperformed by 53.5 percentage points (-55.7% for FNGD against -2.2% for GDYN). Note the risk asymmetry: FNGD runs 1.6 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 GDYN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GDYN (Grid Dynamics Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -2.2% |
| 5-year return | -99.4% | -70.4% |
| Volatility (ann.) | 75.7% | 48.4% |
| Beta vs S&P 500 | -4.54 | 1.54 |
| Max drawdown (3Y) | -97.6% | -78.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 263.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GDYN |
|---|---|---|
| 2022 | +52.2% | -70.5% |
| 2023 | -90.1% | +18.8% |
| 2024 | -76.6% | +66.8% |
| 2025 | -61.4% | -59.4% |
| 2026 | -49.5% | -12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GDYN good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and GDYN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GDYN?
As of 2026-08-27, the correlation of weekly returns between FNGD and GDYN is -0.38 over 3 years, -0.47 over 1 year and -0.41 over 5 years.
Is GDYN a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and GDYN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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-gdyn.json
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[](https://www.pairbook.io/pair/fngd-vs-gdyn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GDYN correlations
