FNGD vs GRAB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Grab Holdings Limited - Class A (GRAB) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GRAB?
Across a 3-year window, the weekly returns of FNGD and GRAB correlate at -0.50, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.57) sits close to the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -1427.6 %².
Within FNGD's tracked universe of 1743 assets, GRAB comes in at #1583 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GRAB ahead by 28.2 points (-55.7% versus -27.5%). Note the risk asymmetry: FNGD runs 2.0 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 GRAB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GRAB (Grab Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | -55.7% | -27.5% |
| 5-year return | -99.4% | -65.8% |
| Volatility (ann.) | 75.7% | 37.6% |
| Beta vs S&P 500 | -4.54 | 1.41 |
| Max drawdown (3Y) | -97.6% | -49.3% |
| Market cap | – | $14.7B |
| P/E (trailing) | 20.6 | 32.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GRAB |
|---|---|---|
| 2022 | +52.2% | -54.8% |
| 2023 | -90.1% | +4.7% |
| 2024 | -76.6% | +40.1% |
| 2025 | -61.4% | +5.7% |
| 2026 | -49.5% | -28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GRAB good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and GRAB?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.57 over the last year and -0.38 over 5 years.
Is GRAB a good diversifier for FNGD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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.
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Related comparisons
Hubs: FNGD correlations · GRAB correlations
