FNGD vs MNDY: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and monday.com Ltd. (MNDY) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and MNDY?
Across a 3-year window, the weekly returns of FNGD and MNDY correlate at -0.51, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.39 versus -0.51 over 3 years. Stretching to 5 years gives -0.58, with an annualized covariance of -2266.9 %².
Among the 1743 assets we track against FNGD, MNDY ranks #1604 by 3-year correlation. The trailing year gives MNDY the advantage: -55.7% versus -45.3%, a 10.4-point spread.
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 MNDY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | MNDY (monday.com Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | -45.3% |
| 5-year return | -99.4% | -74.0% |
| Volatility (ann.) | 75.7% | 59.2% |
| Beta vs S&P 500 | -4.54 | 1.96 |
| Max drawdown (3Y) | -97.6% | -82.1% |
| Market cap | – | $4.2B |
| P/E (trailing) | 20.6 | 42.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | MNDY |
|---|---|---|
| 2022 | +52.2% | -60.5% |
| 2023 | -90.1% | +53.9% |
| 2024 | -76.6% | +25.4% |
| 2025 | -61.4% | -37.3% |
| 2026 | -49.5% | -32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and MNDY good diversifiers for each other?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and MNDY?
Using weekly returns as of 2026-08-27: -0.51 over 3 years, with -0.39 over the last year and -0.58 over 5 years.
Is MNDY a good diversifier for FNGD?
Yes: at -0.51, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.51 mean?
A reading of -0.51 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-mndy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-mndy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · MNDY correlations
