FNGD vs NCLH: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Norwegian Cruise Line Holdings (NCLH) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NCLH?
On 3 years of weekly data the FNGD/NCLH correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.27). The 5-year figure is -0.37, and annualized covariance runs at -1031.7 %².
Among the 1743 assets we track against FNGD, NCLH ranks #618 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NCLH ahead by 22.6 points (-55.7% versus -33.1%). Note the risk asymmetry: FNGD runs 1.5 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 NCLH: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | -55.7% | -33.1% |
| 5-year return | -99.4% | -34.4% |
| Volatility (ann.) | 75.7% | 49.9% |
| Beta vs S&P 500 | -4.54 | 1.52 |
| Max drawdown (3Y) | -97.6% | -49.1% |
| Market cap | – | $7.6B |
| P/E (trailing) | 20.6 | 10.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | NCLH |
|---|---|---|
| 2022 | +52.2% | -41.0% |
| 2023 | -90.1% | +63.7% |
| 2024 | -76.6% | +28.4% |
| 2025 | -61.4% | -13.3% |
| 2026 | -49.5% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NCLH good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NCLH?
The FNGD/NCLH correlation stands at -0.27 on a 3-year window (1 year: -0.11, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is NCLH a good diversifier for FNGD?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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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Related comparisons
Hubs: FNGD correlations · NCLH correlations
