FNGD vs NKE: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nike, Inc. (NKE) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NKE?
On 3 years of weekly data the FNGD/NKE correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.22 over 3. The 5-year figure is -0.33, and annualized covariance runs at -606.7 %².
Within FNGD's tracked universe of 1743 assets, NKE comes in at #185 by 3-year correlation. The trailing year gives NKE the advantage: -55.7% versus -49.4%, a 6.3-point spread. Risk is not evenly split, since FNGD carries 2.1 times the volatility of the other side.
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 NKE: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NKE (Nike, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -49.4% |
| 5-year return | -99.4% | -75.2% |
| Volatility (ann.) | 75.7% | 36.6% |
| Beta vs S&P 500 | -4.54 | 0.93 |
| Max drawdown (3Y) | -97.6% | -66.9% |
| Market cap | – | $57.0B |
| P/E (trailing) | 20.6 | 18.4 |
| Dividend yield | 0.00% | 4.22% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | NKE |
|---|---|---|
| 2022 | +52.2% | -29.0% |
| 2023 | -90.1% | -6.0% |
| 2024 | -76.6% | -29.1% |
| 2025 | -61.4% | -13.8% |
| 2026 | -49.5% | -38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NKE good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NKE?
The FNGD/NKE correlation stands at -0.22 on a 3-year window (1 year: -0.22, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is NKE a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · NKE correlations
