FNGD vs META: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Meta Platforms (META) carry a correlation of -0.65, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and META?
On 3 years of weekly data the FNGD/META correlation comes out at -0.65, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.63) sits close to the 3-year figure. The 5-year figure is -0.66, and annualized covariance runs at -1801.5 %².
By 3-year correlation, META places #1692 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with META ahead by 32.4 points (-55.7% versus -23.3%). 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 META: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | META (Meta Platforms) | |
|---|---|---|
| 1-year return | -55.7% | -23.3% |
| 5-year return | -99.4% | +51.3% |
| Volatility (ann.) | 75.7% | 36.9% |
| Beta vs S&P 500 | -4.54 | 1.45 |
| Max drawdown (3Y) | -97.6% | -34.2% |
| Market cap | – | $1,454.9B |
| P/E (trailing) | 20.6 | 21.7 |
| Dividend yield | 0.00% | 0.36% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | META |
|---|---|---|
| 2022 | +52.2% | -64.2% |
| 2023 | -90.1% | +194.1% |
| 2024 | -76.6% | +66.0% |
| 2025 | -61.4% | +13.1% |
| 2026 | -49.5% | -13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and META good diversifiers for each other?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and META?
As of 2026-08-27, the correlation of weekly returns between FNGD and META is -0.65 over 3 years, -0.63 over 1 year and -0.66 over 5 years.
Is META a good diversifier for FNGD?
Yes: at -0.65, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.65 mean?
A reading of -0.65 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-meta.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-meta/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · META correlations
