FNGD vs GPRO: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GoPro, Inc. (GPRO) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GPRO?
Over the past 3 years, FNGD and GPRO moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.34 over 3 years. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -2525.6 %².
Within FNGD's tracked universe of 1743 assets, GPRO comes in at #1084 by 3-year correlation. Over the last 12 months FNGD came out ahead by 8.7 percentage points (-55.7% against -64.4%).
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 GPRO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GPRO (GoPro, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -64.4% |
| 5-year return | -99.4% | -93.9% |
| Volatility (ann.) | 75.7% | 96.8% |
| Beta vs S&P 500 | -4.54 | 2.84 |
| Max drawdown (3Y) | -97.6% | -87.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GPRO |
|---|---|---|
| 2022 | +52.2% | -51.7% |
| 2023 | -90.1% | -30.3% |
| 2024 | -76.6% | -68.6% |
| 2025 | -61.4% | +29.4% |
| 2026 | -49.5% | -57.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GPRO good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GPRO?
The FNGD/GPRO correlation stands at -0.34 on a 3-year window (1 year: -0.48, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is GPRO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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
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[](https://www.pairbook.io/pair/fngd-vs-gpro/)
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Related comparisons
Hubs: FNGD correlations · GPRO correlations
