FNGD vs NEXA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nexa Resources S.A. (NEXA) 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 NEXA?
On 3 years of weekly data the FNGD/NEXA correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.23). The 5-year figure is -0.23, and annualized covariance runs at -918.4 %².
Among the 1743 assets we track against FNGD, NEXA ranks #262 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NEXA ahead by 250.7 points (-55.7% versus +195.0%).
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 NEXA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEXA (Nexa Resources S.A.) | |
|---|---|---|
| 1-year return | -55.7% | +195.0% |
| 5-year return | -99.4% | +88.5% |
| Volatility (ann.) | 75.7% | 52.5% |
| Beta vs S&P 500 | -4.54 | 1.09 |
| Max drawdown (3Y) | -97.6% | -47.0% |
| Market cap | – | $1.8B |
| P/E (trailing) | 20.6 | 6.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEXA |
|---|---|---|
| 2022 | +52.2% | -20.1% |
| 2023 | -90.1% | +22.1% |
| 2024 | -76.6% | +23.2% |
| 2025 | -61.4% | +2.7% |
| 2026 | -49.5% | +58.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEXA good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NEXA?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.34 over the last year and -0.23 over 5 years.
Is NEXA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: FNGD correlations · NEXA correlations
