FNGD vs LAZ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lazard, Inc. (LAZ) show a negative relationship: their 3-year correlation of weekly returns is -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LAZ?
Over the past 3 years, FNGD and LAZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.38) sits close to the 3-year figure. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -1068.4 %².
By 3-year correlation, LAZ places #1318 of the 1743 assets tracked against FNGD. The last year tells two different stories: LAZ led by 33.8 percentage points, -55.7% for FNGD against -21.9% for LAZ. Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 LAZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LAZ (Lazard, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -21.9% |
| 5-year return | -99.4% | +14.6% |
| Volatility (ann.) | 75.7% | 36.4% |
| Beta vs S&P 500 | -4.54 | 1.49 |
| Max drawdown (3Y) | -97.6% | -44.2% |
| Market cap | – | $4.2B |
| P/E (trailing) | 20.6 | 21.1 |
| Dividend yield | 0.00% | 4.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LAZ |
|---|---|---|
| 2022 | +52.2% | -16.2% |
| 2023 | -90.1% | +6.9% |
| 2024 | -76.6% | +54.8% |
| 2025 | -61.4% | -1.6% |
| 2026 | -49.5% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LAZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LAZ?
The FNGD/LAZ correlation stands at -0.39 on a 3-year window (1 year: -0.38, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is LAZ a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 mean?
A reading of -0.39 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-laz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-laz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · LAZ correlations
