FNGD vs GPN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Global Payments (GPN) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GPN?
Over the past 3 years, FNGD and GPN moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.33 over 3. Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -905.8 %².
By 3-year correlation, GPN places #1033 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with GPN ahead by 62.7 points (-55.7% versus +7.0%). Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 GPN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GPN (Global Payments) | |
|---|---|---|
| 1-year return | -55.7% | +7.0% |
| 5-year return | -99.4% | -39.6% |
| Volatility (ann.) | 75.7% | 35.9% |
| Beta vs S&P 500 | -4.54 | 1.22 |
| Max drawdown (3Y) | -97.6% | -54.0% |
| Market cap | – | $24.5B |
| P/E (trailing) | 20.6 | 44.0 |
| Dividend yield | 0.00% | 1.08% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | GPN |
|---|---|---|
| 2022 | +52.2% | -25.9% |
| 2023 | -90.1% | +29.0% |
| 2024 | -76.6% | -11.0% |
| 2025 | -61.4% | -30.1% |
| 2026 | -49.5% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GPN good diversifiers for each other?
Yes. With a correlation of -0.33, FNGD and GPN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GPN?
The FNGD/GPN correlation stands at -0.33 on a 3-year window (1 year: -0.28, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is GPN a good diversifier for FNGD?
Yes. With a correlation of -0.33, FNGD and GPN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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
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Related comparisons
Hubs: FNGD correlations · GPN correlations
