FNGD vs NFLX: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Netflix (NFLX) trade together? Their weekly returns over three years give a correlation of -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NFLX?
On 3 years of weekly data the FNGD/NFLX correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.49). The 5-year figure is -0.61, and annualized covariance runs at -1301.9 %².
Among the 1743 assets we track against FNGD, NFLX ranks #1573 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NFLX outperformed by 21.0 percentage points (-55.7% for FNGD against -34.7% for NFLX). Note the risk asymmetry: FNGD runs 2.2 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 NFLX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NFLX (Netflix) | |
|---|---|---|
| 1-year return | -55.7% | -34.7% |
| 5-year return | -99.4% | +41.0% |
| Volatility (ann.) | 75.7% | 35.2% |
| Beta vs S&P 500 | -4.54 | 0.99 |
| Max drawdown (3Y) | -97.6% | -49.5% |
| Market cap | – | $332.4B |
| P/E (trailing) | 20.6 | 25.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | FNGD | NFLX |
|---|---|---|
| 2022 | +52.2% | -51.1% |
| 2023 | -90.1% | +65.1% |
| 2024 | -76.6% | +83.1% |
| 2025 | -61.4% | +5.2% |
| 2026 | -49.5% | -14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NFLX good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NFLX?
As of 2026-08-27, the correlation of weekly returns between FNGD and NFLX is -0.49 over 3 years, -0.22 over 1 year and -0.61 over 5 years.
Is NFLX a good diversifier for FNGD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 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-nflx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-nflx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NFLX correlations
