FNGD vs GPGI: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GPGI, Inc. (GPGI) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GPGI?
Over the past 3 years, FNGD and GPGI moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.21 over 3. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -846.1 %².
By 3-year correlation, GPGI places #118 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months GPGI outperformed by 22.5 percentage points (-55.7% for FNGD against -33.2% for GPGI).
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 GPGI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GPGI (GPGI, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -33.2% |
| 5-year return | -99.4% | +66.0% |
| Volatility (ann.) | 75.7% | 53.8% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -55.7% |
| Market cap | – | $3.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GPGI |
|---|---|---|
| 2022 | +52.2% | -40.2% |
| 2023 | -90.1% | +10.0% |
| 2024 | -76.6% | +197.3% |
| 2025 | -61.4% | +51.4% |
| 2026 | -49.5% | -31.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GPGI good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GPGI?
The FNGD/GPGI correlation stands at -0.21 on a 3-year window (1 year: -0.17, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is GPGI a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 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-gpgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-gpgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GPGI correlations
