FNGD vs GLOB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Globant S.A. (GLOB) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GLOB?
Over the past 3 years, FNGD and GLOB moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.32). Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -1218.1 %².
By 3-year correlation, GLOB places #957 of the 1743 assets tracked against FNGD. Over the last 12 months GLOB came out ahead by 14.9 percentage points (-55.7% against -40.8%).
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 GLOB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GLOB (Globant S.A.) | |
|---|---|---|
| 1-year return | -55.7% | -40.8% |
| 5-year return | -99.4% | -87.5% |
| Volatility (ann.) | 75.7% | 50.9% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -88.9% |
| Market cap | – | $1.7B |
| P/E (trailing) | 20.6 | 15.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GLOB |
|---|---|---|
| 2022 | +52.2% | -46.5% |
| 2023 | -90.1% | +41.5% |
| 2024 | -76.6% | -9.9% |
| 2025 | -61.4% | -69.5% |
| 2026 | -49.5% | -38.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GLOB good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and GLOB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GLOB?
The FNGD/GLOB correlation stands at -0.32 on a 3-year window (1 year: -0.19, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is GLOB a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and GLOB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 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-glob.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-glob/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · GLOB correlations
