FNGD vs NEXM: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NexMetals Mining Corp. (NEXM) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEXM?
On 3 years of weekly data the FNGD/NEXM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.25 over 3. The 5-year figure is -0.21, and annualized covariance runs at -1409.1 %².
Among the 1743 assets we track against FNGD, NEXM ranks #441 by 3-year correlation. Neither side won the trailing year by much: -55.7% against -53.8%.
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 NEXM: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEXM (NexMetals Mining Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -53.8% |
| 5-year return | -99.4% | -87.5% |
| Volatility (ann.) | 75.7% | 73.4% |
| Beta vs S&P 500 | -4.54 | 1.07 |
| Max drawdown (3Y) | -97.6% | -92.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEXM |
|---|---|---|
| 2022 | +52.2% | -29.6% |
| 2023 | -90.1% | -22.1% |
| 2024 | -76.6% | -67.8% |
| 2025 | -61.4% | -34.8% |
| 2026 | -49.5% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEXM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NEXM?
As of 2026-08-27, the correlation of weekly returns between FNGD and NEXM is -0.25 over 3 years, -0.27 over 1 year and -0.21 over 5 years.
Is NEXM a good diversifier for FNGD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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-nexm.json
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Related comparisons
Hubs: FNGD correlations · NEXM correlations
