FNGD vs NEOV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NeoVolta Inc. (NEOV) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEOV?
On 3 years of weekly data the FNGD/NEOV correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.23 over 3. The 5-year figure is -0.19, and annualized covariance runs at -1935.9 %².
Within FNGD's tracked universe of 1743 assets, NEOV comes in at #261 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEOV outperformed by 57.1 percentage points (-55.7% for FNGD against +1.4% for NEOV).
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 NEOV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEOV (NeoVolta Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +1.4% |
| 5-year return | -99.4% | -45.4% |
| Volatility (ann.) | 75.7% | 111.0% |
| Beta vs S&P 500 | -4.54 | 1.32 |
| Max drawdown (3Y) | -97.6% | -79.4% |
| Market cap | – | $0.2B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEOV |
|---|---|---|
| 2022 | +52.2% | -60.2% |
| 2023 | -90.1% | -42.7% |
| 2024 | -76.6% | +225.6% |
| 2025 | -61.4% | -41.7% |
| 2026 | -49.5% | +16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEOV good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and NEOV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NEOV?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.17 over the last year and -0.19 over 5 years.
Is NEOV a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and NEOV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-neov.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-neov/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NEOV correlations
