FNGD vs NAVI: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Navient Corporation (NAVI) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NAVI?
On 3 years of weekly data the FNGD/NAVI correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. The 5-year figure is -0.35, and annualized covariance runs at -589.7 %².
By 3-year correlation, NAVI places #350 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NAVI ahead by 28.8 points (-55.7% versus -26.9%). Note the risk asymmetry: FNGD runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NAVI: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NAVI (Navient Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -26.9% |
| 5-year return | -99.4% | -49.1% |
| Volatility (ann.) | 75.7% | 32.0% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -57.6% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 6.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NAVI |
|---|---|---|
| 2022 | +52.2% | -19.3% |
| 2023 | -90.1% | +17.6% |
| 2024 | -76.6% | -25.6% |
| 2025 | -61.4% | +2.6% |
| 2026 | -49.5% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NAVI good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and NAVI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NAVI?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.21 over the last year and -0.35 over 5 years.
Is NAVI a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and NAVI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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
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[](https://www.pairbook.io/pair/fngd-vs-navi/)
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Related comparisons
Hubs: FNGD correlations · NAVI correlations
