FNGD vs LYV: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Live Nation Entertainment (LYV) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LYV?
On 3 years of weekly data the FNGD/LYV correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.45). The 5-year figure is -0.50, and annualized covariance runs at -951.8 %².
By 3-year correlation, LYV places #1503 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months LYV outperformed by 64.8 percentage points (-55.7% for FNGD against +9.1% for LYV). Risk is not evenly split, since FNGD carries 2.7 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 LYV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LYV (Live Nation Entertainment) | |
|---|---|---|
| 1-year return | -55.7% | +9.1% |
| 5-year return | -99.4% | +108.7% |
| Volatility (ann.) | 75.7% | 28.1% |
| Beta vs S&P 500 | -4.54 | 1.02 |
| Max drawdown (3Y) | -97.6% | -27.8% |
| Market cap | – | $42.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | LYV |
|---|---|---|
| 2022 | +52.2% | -41.7% |
| 2023 | -90.1% | +34.2% |
| 2024 | -76.6% | +38.4% |
| 2025 | -61.4% | +10.0% |
| 2026 | -49.5% | +26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LYV good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and LYV?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.18 over the last year and -0.50 over 5 years.
Is LYV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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-lyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-lyv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · LYV correlations
