FNGD vs GTLB: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and GitLab Inc. (GTLB) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and GTLB?
Across a 3-year window, the weekly returns of FNGD and GTLB correlate at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.38 over 1 year against -0.42 over 3. Stretching to 5 years gives -0.49, with an annualized covariance of -1664.5 %².
By 3-year correlation, GTLB places #1415 of the 1743 assets tracked against FNGD. The last year tells two different stories: GTLB led by 50.5 percentage points, -55.7% for FNGD against -5.2% for GTLB.
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 GTLB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | GTLB (GitLab Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -5.2% |
| 5-year return | -99.4% | -56.9% |
| Volatility (ann.) | 75.7% | 52.0% |
| Beta vs S&P 500 | -4.54 | 1.49 |
| Max drawdown (3Y) | -97.6% | -75.0% |
| Market cap | – | $7.6B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | GTLB |
|---|---|---|
| 2022 | +52.2% | -47.8% |
| 2023 | -90.1% | +38.6% |
| 2024 | -76.6% | -10.5% |
| 2025 | -61.4% | -33.4% |
| 2026 | -49.5% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and GTLB good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and GTLB?
The FNGD/GTLB correlation stands at -0.42 on a 3-year window (1 year: -0.38, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is GTLB a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-gtlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-gtlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · GTLB correlations
