FNGD vs LMND: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lemonade, Inc. (LMND) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LMND?
Over the past 3 years, FNGD and LMND moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -1417.8 %².
Within FNGD's tracked universe of 1743 assets, LMND comes in at #177 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LMND outperformed by 55.6 percentage points (-55.7% for FNGD against -0.1% for LMND).
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 LMND: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LMND (Lemonade, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -0.1% |
| 5-year return | -99.4% | -28.5% |
| Volatility (ann.) | 75.7% | 84.2% |
| Beta vs S&P 500 | -4.54 | 2.01 |
| Max drawdown (3Y) | -97.6% | -51.5% |
| Market cap | – | $4.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LMND |
|---|---|---|
| 2022 | +52.2% | -67.5% |
| 2023 | -90.1% | +17.9% |
| 2024 | -76.6% | +127.4% |
| 2025 | -61.4% | +94.1% |
| 2026 | -49.5% | -24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LMND good diversifiers for each other?
Yes. With a correlation of -0.22, FNGD and LMND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LMND?
The FNGD/LMND correlation stands at -0.22 on a 3-year window (1 year: -0.29, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is LMND a good diversifier for FNGD?
Yes. With a correlation of -0.22, FNGD and LMND have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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-lmnd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lmnd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · LMND correlations
