FNGD vs JOBY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Joby Aviation, Inc. (JOBY) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and JOBY?
Over the past 3 years, FNGD and JOBY moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.63) runs below the 3-year figure (-0.41). Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -2185.2 %².
Among the 1743 assets we track against FNGD, JOBY ranks #1389 by 3-year correlation. The trailing year gives JOBY the advantage: -55.7% versus -50.4%, a 5.3-point spread.
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 JOBY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | JOBY (Joby Aviation, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -50.4% |
| 5-year return | -99.4% | -43.1% |
| Volatility (ann.) | 75.7% | 70.2% |
| Beta vs S&P 500 | -4.54 | 2.37 |
| Max drawdown (3Y) | -97.6% | -67.4% |
| Market cap | – | $7.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | JOBY |
|---|---|---|
| 2022 | +52.2% | -54.1% |
| 2023 | -90.1% | +98.5% |
| 2024 | -76.6% | +22.3% |
| 2025 | -61.4% | +62.4% |
| 2026 | -49.5% | -45.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and JOBY good diversifiers for each other?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and JOBY?
The FNGD/JOBY correlation stands at -0.41 on a 3-year window (1 year: -0.63, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is JOBY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.41 means the two rarely move for the same reasons.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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-joby.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-joby/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · JOBY correlations
