FNGD vs GOOG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Alphabet Inc. (Class C) (GOOG) trade together? Their weekly returns over three years give a correlation of -0.60, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GOOG?
Across a 3-year window, the weekly returns of FNGD and GOOG correlate at -0.60, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.59 lands near the 3-year figure. Stretching to 5 years gives -0.67, with an annualized covariance of -1421.1 %².
Among the 1743 assets we track against FNGD, GOOG ranks #1670 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GOOG outperformed by 118.4 percentage points (-55.7% for FNGD against +62.7% for GOOG). One caveat on sizing: FNGD is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GOOG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GOOG (Alphabet Inc. (Class C)) | |
|---|---|---|
| 1-year return | -55.7% | +62.7% |
| 5-year return | -99.4% | +134.2% |
| Volatility (ann.) | 75.7% | 31.1% |
| Beta vs S&P 500 | -4.54 | 1.20 |
| Max drawdown (3Y) | -97.6% | -29.4% |
| Market cap | – | $4,130.2B |
| P/E (trailing) | 20.6 | 17.0 |
| Dividend yield | 0.00% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | GOOG |
|---|---|---|
| 2022 | +52.2% | -38.7% |
| 2023 | -90.1% | +58.8% |
| 2024 | -76.6% | +35.6% |
| 2025 | -61.4% | +65.4% |
| 2026 | -49.5% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GOOG good diversifiers for each other?
By historical standards, yes. A correlation of -0.60 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GOOG?
The FNGD/GOOG correlation stands at -0.60 on a 3-year window (1 year: -0.59, 5 years: -0.67), computed from weekly returns as of 2026-08-27.
Is GOOG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.60 means the two rarely move for the same reasons.
What does a correlation of -0.60 mean?
On the −1 to +1 scale, -0.60 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-goog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-goog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · GOOG correlations
