FNGD vs LZM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Lifezone Metals Limited (LZM) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and LZM?
Across a 3-year window, the weekly returns of FNGD and LZM correlate at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.32). Stretching to 5 years gives -0.23, with an annualized covariance of -1989.9 %².
Within FNGD's tracked universe of 1743 assets, LZM comes in at #970 by 3-year correlation. The last year tells two different stories: LZM led by 52.4 percentage points, -55.7% for FNGD against -3.3% for LZM.
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 LZM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | LZM (Lifezone Metals Limited) | |
|---|---|---|
| 1-year return | -55.7% | -3.3% |
| 5-year return | -99.4% | -55.4% |
| Volatility (ann.) | 75.7% | 81.7% |
| Beta vs S&P 500 | -4.54 | 1.75 |
| Max drawdown (3Y) | -97.6% | -82.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | LZM |
|---|---|---|
| 2022 | +52.2% | +4.7% |
| 2023 | -90.1% | -12.9% |
| 2024 | -76.6% | -23.1% |
| 2025 | -61.4% | -38.6% |
| 2026 | -49.5% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and LZM good diversifiers for each other?
Yes. With a correlation of -0.32, FNGD and LZM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and LZM?
The FNGD/LZM correlation stands at -0.32 on a 3-year window (1 year: -0.59, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is LZM a good diversifier for FNGD?
Yes. With a correlation of -0.32, FNGD and LZM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-lzm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-lzm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · LZM correlations
