FNGD vs MANH: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Manhattan Associates, Inc. (MANH) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MANH?
Over the past 3 years, FNGD and MANH moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.33) than the 3-year average (-0.44). Over 5 years the correlation is -0.53, and the annualized covariance of weekly returns is -1377.2 %².
Within FNGD's tracked universe of 1743 assets, MANH comes in at #1481 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MANH ahead by 57.9 points (-55.7% versus +2.2%). Risk is not evenly split, since FNGD carries 1.8 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 MANH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MANH (Manhattan Associates, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +2.2% |
| 5-year return | -99.4% | +35.7% |
| Volatility (ann.) | 75.7% | 41.7% |
| Beta vs S&P 500 | -4.54 | 1.25 |
| Max drawdown (3Y) | -97.6% | -61.0% |
| Market cap | – | $13.0B |
| P/E (trailing) | 20.6 | 63.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MANH |
|---|---|---|
| 2022 | +52.2% | -21.9% |
| 2023 | -90.1% | +77.4% |
| 2024 | -76.6% | +25.5% |
| 2025 | -61.4% | -35.9% |
| 2026 | -49.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MANH good diversifiers for each other?
Yes. With a correlation of -0.44, FNGD and MANH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and MANH?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.33 over the last year and -0.53 over 5 years.
Is MANH a good diversifier for FNGD?
Yes. With a correlation of -0.44, FNGD and MANH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-manh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-manh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MANH correlations
