FNGD vs INVZ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Innoviz Technologies Ltd. (INVZ) 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 INVZ?
Across a 3-year window, the weekly returns of FNGD and INVZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.33). Stretching to 5 years gives -0.38, with an annualized covariance of -2562.0 %².
Within FNGD's tracked universe of 1743 assets, INVZ comes in at #1042 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNGD ahead by 23.3 points (-55.7% versus -79.0%).
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 INVZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | INVZ (Innoviz Technologies Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -79.0% |
| 5-year return | -99.4% | -95.3% |
| Volatility (ann.) | 75.7% | 103.4% |
| Beta vs S&P 500 | -4.54 | 2.69 |
| Max drawdown (3Y) | -97.6% | -88.5% |
| 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 | INVZ |
|---|---|---|
| 2022 | +52.2% | -38.0% |
| 2023 | -90.1% | -35.6% |
| 2024 | -76.6% | -33.6% |
| 2025 | -61.4% | -49.2% |
| 2026 | -49.5% | -58.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and INVZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and INVZ?
As of 2026-08-27, the correlation of weekly returns between FNGD and INVZ is -0.33 over 3 years, -0.21 over 1 year and -0.38 over 5 years.
Is INVZ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-invz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-invz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · INVZ correlations
