FNGD vs GOOGL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Alphabet Inc. (Class A) (GOOGL) trade together? Their weekly returns over three years give a correlation of -0.61, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GOOGL?
Across a 3-year window, the weekly returns of FNGD and GOOGL correlate at -0.61, 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 -1440.9 %².
Among the 1743 assets we track against FNGD, GOOGL ranks #1677 by 3-year correlation. The last year tells two different stories: GOOGL led by 120.4 percentage points, -55.7% for FNGD against +64.7% for GOOGL. Note the risk asymmetry: FNGD runs 2.4 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 GOOGL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GOOGL (Alphabet Inc. (Class A)) | |
|---|---|---|
| 1-year return | -55.7% | +64.7% |
| 5-year return | -99.4% | +137.7% |
| Volatility (ann.) | 75.7% | 31.4% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -29.8% |
| Market cap | – | $4,166.1B |
| P/E (trailing) | 20.6 | 17.2 |
| Dividend yield | 0.00% | 0.25% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | GOOGL |
|---|---|---|
| 2022 | +52.2% | -39.1% |
| 2023 | -90.1% | +58.3% |
| 2024 | -76.6% | +36.0% |
| 2025 | -61.4% | +66.0% |
| 2026 | -49.5% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GOOGL good diversifiers for each other?
Yes. With a correlation of -0.61, FNGD and GOOGL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GOOGL?
As of 2026-08-27, the correlation of weekly returns between FNGD and GOOGL is -0.61 over 3 years, -0.59 over 1 year and -0.67 over 5 years.
Is GOOGL a good diversifier for FNGD?
Yes. With a correlation of -0.61, FNGD and GOOGL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.61 mean?
A reading of -0.61 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-googl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-googl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GOOGL correlations
