FNGD vs NEM: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Newmont (NEM) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEM?
On 3 years of weekly data the FNGD/NEM correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is -0.23, and annualized covariance runs at -711.4 %².
Among the 1743 assets we track against FNGD, NEM ranks #184 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 140.4 percentage points (-55.7% for FNGD against +84.7% for NEM). Risk is not evenly split, since FNGD carries 1.8 times the volatility of the other side.
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 NEM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEM (Newmont) | |
|---|---|---|
| 1-year return | -55.7% | +84.7% |
| 5-year return | -99.4% | +165.9% |
| Volatility (ann.) | 75.7% | 43.0% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | 20.6 | 16.6 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FNGD | NEM |
|---|---|---|
| 2022 | +52.2% | -20.8% |
| 2023 | -90.1% | -8.8% |
| 2024 | -76.6% | -7.8% |
| 2025 | -61.4% | +172.8% |
| 2026 | -49.5% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEM 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 NEM?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.31 over the last year and -0.23 over 5 years.
Is NEM 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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NEM correlations
