FNGD vs NET: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Cloudflare, Inc. (NET) show a negative relationship: their 3-year correlation of weekly returns is -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NET?
Across a 3-year window, the weekly returns of FNGD and NET correlate at -0.49, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.49). Stretching to 5 years gives -0.60, with an annualized covariance of -2009.5 %².
Within FNGD's tracked universe of 1743 assets, NET comes in at #1572 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NET ahead by 105.9 points (-55.7% versus +50.2%).
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 NET: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NET (Cloudflare, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +50.2% |
| 5-year return | -99.4% | +149.7% |
| Volatility (ann.) | 75.7% | 53.7% |
| Beta vs S&P 500 | -4.54 | 1.68 |
| Max drawdown (3Y) | -97.6% | -45.0% |
| Market cap | – | $109.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NET |
|---|---|---|
| 2022 | +52.2% | -65.6% |
| 2023 | -90.1% | +84.2% |
| 2024 | -76.6% | +29.3% |
| 2025 | -61.4% | +83.1% |
| 2026 | -49.5% | +56.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NET good diversifiers for each other?
Yes. With a correlation of -0.49, FNGD and NET have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NET?
As of 2026-08-27, the correlation of weekly returns between FNGD and NET is -0.49 over 3 years, -0.23 over 1 year and -0.60 over 5 years.
Is NET a good diversifier for FNGD?
Yes. With a correlation of -0.49, FNGD and NET have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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-net.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-net/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NET correlations
