FNGD vs NEXN: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nexxen International Ltd. (NEXN) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NEXN?
Across a 3-year window, the weekly returns of FNGD and NEXN correlate at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -862.4 %².
By 3-year correlation, NEXN places #442 of the 1743 assets tracked against FNGD. The last year tells two different stories: NEXN led by 58.3 percentage points, -55.7% for FNGD against +2.6% for NEXN. Note the risk asymmetry: FNGD runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NEXN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NEXN (Nexxen International Ltd.) | |
|---|---|---|
| 1-year return | -55.7% | +2.6% |
| 5-year return | -99.4% | -49.7% |
| Volatility (ann.) | 75.7% | 45.7% |
| Beta vs S&P 500 | -4.54 | 0.87 |
| Max drawdown (3Y) | -97.6% | -53.7% |
| Market cap | – | $0.6B |
| P/E (trailing) | 20.6 | 46.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NEXN |
|---|---|---|
| 2022 | +52.2% | -57.4% |
| 2023 | -90.1% | -21.6% |
| 2024 | -76.6% | +98.0% |
| 2025 | -61.4% | -34.7% |
| 2026 | -49.5% | +54.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NEXN good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NEXN?
As of 2026-08-27, the correlation of weekly returns between FNGD and NEXN is -0.25 over 3 years, -0.30 over 1 year and -0.39 over 5 years.
Is NEXN a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nexn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nexn/)
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Related comparisons
Hubs: FNGD correlations · NEXN correlations
