FNGD vs NDSN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nordson Corporation (NDSN) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NDSN?
Over the past 3 years, FNGD and NDSN moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.31 over 3 years. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -578.8 %².
Within FNGD's tracked universe of 1743 assets, NDSN comes in at #906 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NDSN outperformed by 104.2 percentage points (-55.7% for FNGD against +48.5% for NDSN). One caveat on sizing: FNGD 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 NDSN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NDSN (Nordson Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +48.5% |
| 5-year return | -99.4% | +46.5% |
| Volatility (ann.) | 75.7% | 24.7% |
| Beta vs S&P 500 | -4.54 | 0.97 |
| Max drawdown (3Y) | -97.6% | -39.1% |
| Market cap | – | $18.4B |
| P/E (trailing) | 20.6 | 33.5 |
| Dividend yield | 0.00% | 0.98% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | NDSN |
|---|---|---|
| 2022 | +52.2% | -5.9% |
| 2023 | -90.1% | +12.4% |
| 2024 | -76.6% | -20.1% |
| 2025 | -61.4% | +17.0% |
| 2026 | -49.5% | +38.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NDSN good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NDSN?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.03 over the last year and -0.45 over 5 years.
Is NDSN a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 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-ndsn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ndsn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NDSN correlations
