FNGD vs GROY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Gold Royalty Corp. (GROY) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GROY?
Across a 3-year window, the weekly returns of FNGD and GROY correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.24 over 3 years. Stretching to 5 years gives -0.28, with an annualized covariance of -1013.7 %².
Among the 1743 assets we track against FNGD, GROY ranks #330 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GROY ahead by 60.0 points (-55.7% versus +4.3%).
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 GROY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GROY (Gold Royalty Corp.) | |
|---|---|---|
| 1-year return | -55.7% | +4.3% |
| 5-year return | -99.4% | -15.6% |
| Volatility (ann.) | 75.7% | 55.2% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -51.6% |
| Market cap | – | $0.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GROY |
|---|---|---|
| 2022 | +52.2% | -52.0% |
| 2023 | -90.1% | -36.3% |
| 2024 | -76.6% | -17.7% |
| 2025 | -61.4% | +233.9% |
| 2026 | -49.5% | -15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GROY good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and GROY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and GROY?
The FNGD/GROY correlation stands at -0.24 on a 3-year window (1 year: -0.42, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is GROY a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and GROY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-groy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-groy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GROY correlations
