FNGD vs NAKA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nakamoto Inc. (NAKA) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NAKA?
Across a 3-year window, the weekly returns of FNGD and NAKA correlate at -0.22, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -3984.6 %².
Among the 1743 assets we track against FNGD, NAKA ranks #183 by 3-year correlation. The last year tells two different stories: FNGD led by 41.2 percentage points, -55.7% for FNGD against -96.9% for NAKA. One caveat on sizing: NAKA is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NAKA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NAKA (Nakamoto Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -96.9% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 231.2% |
| Beta vs S&P 500 | -4.54 | 4.09 |
| Max drawdown (3Y) | -97.6% | -99.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NAKA |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | – |
| 2025 | -61.4% | -71.7% |
| 2026 | -49.5% | -44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NAKA good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NAKA?
As of 2026-08-27, the correlation of weekly returns between FNGD and NAKA is -0.22 over 3 years, -0.18 over 1 year and n/a over 5 years.
Is NAKA a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
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Related comparisons
Hubs: FNGD correlations · NAKA correlations
