FNGD vs GH: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Guardant Health, Inc. (GH) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GH?
Across a 3-year window, the weekly returns of FNGD and GH correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.16 versus -0.27 over 3 years. Stretching to 5 years gives -0.37, with an annualized covariance of -1323.0 %².
Among the 1743 assets we track against FNGD, GH ranks #597 by 3-year correlation. The last year tells two different stories: GH led by 221.1 percentage points, -55.7% for FNGD against +165.4% for GH.
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 GH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GH (Guardant Health, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +165.4% |
| 5-year return | -99.4% | +33.5% |
| Volatility (ann.) | 75.7% | 64.9% |
| Beta vs S&P 500 | -4.54 | 1.44 |
| Max drawdown (3Y) | -97.6% | -59.8% |
| Market cap | – | $22.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GH |
|---|---|---|
| 2022 | +52.2% | -72.8% |
| 2023 | -90.1% | -0.6% |
| 2024 | -76.6% | +12.9% |
| 2025 | -61.4% | +234.3% |
| 2026 | -49.5% | +65.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GH good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GH?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.16 over the last year and -0.37 over 5 years.
Is GH a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · GH correlations
