FNGD vs GLBE: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Global-E Online Ltd. (GLBE) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLBE?
On 3 years of weekly data the FNGD/GLBE correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. The 5-year figure is -0.53, and annualized covariance runs at -1735.8 %².
Among the 1743 assets we track against FNGD, GLBE ranks #1500 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GLBE ahead by 75.1 points (-55.7% versus +19.4%).
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 GLBE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLBE (Global-E Online Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +19.4% |
| 5-year return | -99.4% | -51.4% |
| Volatility (ann.) | 75.7% | 51.3% |
| Beta vs S&P 500 | -4.54 | 1.64 |
| Max drawdown (3Y) | -97.6% | -56.2% |
| Market cap | – | $6.6B |
| P/E (trailing) | 20.6 | 44.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLBE |
|---|---|---|
| 2022 | +52.2% | -67.4% |
| 2023 | -90.1% | +92.0% |
| 2024 | -76.6% | +37.6% |
| 2025 | -61.4% | -27.9% |
| 2026 | -49.5% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLBE good diversifiers for each other?
Yes. With a correlation of -0.45, FNGD and GLBE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GLBE?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.39 over the last year and -0.53 over 5 years.
Is GLBE a good diversifier for FNGD?
Yes. With a correlation of -0.45, FNGD and GLBE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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 · GLBE correlations
