FNGD vs NDAQ: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nasdaq, Inc. (NDAQ) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NDAQ?
On 3 years of weekly data the FNGD/NDAQ correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.42 over 3. The 5-year figure is -0.48, and annualized covariance runs at -739.3 %².
Within FNGD's tracked universe of 1743 assets, NDAQ comes in at #1422 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NDAQ ahead by 61.8 points (-55.7% versus +6.1%). Note the risk asymmetry: FNGD runs 3.3 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 NDAQ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +6.1% |
| 5-year return | -99.4% | +64.4% |
| Volatility (ann.) | 75.7% | 23.2% |
| Beta vs S&P 500 | -4.54 | 0.80 |
| Max drawdown (3Y) | -97.6% | -23.4% |
| Market cap | – | $55.5B |
| P/E (trailing) | 20.6 | 29.0 |
| Dividend yield | 0.00% | 1.13% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNGD | NDAQ |
|---|---|---|
| 2022 | +52.2% | -11.2% |
| 2023 | -90.1% | -3.7% |
| 2024 | -76.6% | +34.8% |
| 2025 | -61.4% | +27.2% |
| 2026 | -49.5% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NDAQ good diversifiers for each other?
Yes. With a correlation of -0.42, FNGD and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NDAQ?
The FNGD/NDAQ correlation stands at -0.42 on a 3-year window (1 year: -0.35, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is NDAQ a good diversifier for FNGD?
Yes. With a correlation of -0.42, FNGD and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NDAQ correlations
