FNGD vs NG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Novagold Resources Inc. (NG) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NG?
Over the past 3 years, FNGD and NG moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.24). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -1318.7 %².
Among the 1743 assets we track against FNGD, NG ranks #353 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NG ahead by 94.1 points (-55.7% versus +38.4%).
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 NG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +38.4% |
| 5-year return | -99.4% | +28.8% |
| Volatility (ann.) | 75.7% | 72.0% |
| Beta vs S&P 500 | -4.54 | 1.55 |
| Max drawdown (3Y) | -97.6% | -63.5% |
| Market cap | – | $4.0B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NG |
|---|---|---|
| 2022 | +52.2% | -12.8% |
| 2023 | -90.1% | -37.5% |
| 2024 | -76.6% | -11.0% |
| 2025 | -61.4% | +179.9% |
| 2026 | -49.5% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NG good diversifiers for each other?
Yes. With a correlation of -0.24, FNGD and NG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NG?
The FNGD/NG correlation stands at -0.24 on a 3-year window (1 year: -0.42, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is NG a good diversifier for FNGD?
Yes. With a correlation of -0.24, FNGD and NG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-ng.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ng/)
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Related comparisons
Hubs: FNGD correlations · NG correlations
