FNGD vs NKTR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nektar Therapeutics (NKTR) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NKTR?
Across a 3-year window, the weekly returns of FNGD and NKTR correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.19, with an annualized covariance of -3336.7 %².
Within FNGD's tracked universe of 1743 assets, NKTR comes in at #788 by 3-year correlation. The last year tells two different stories: NKTR led by 210.3 percentage points, -55.7% for FNGD against +154.6% for NKTR. Risk is not evenly split, since NKTR carries 2.0 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 NKTR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NKTR (Nektar Therapeutics) | |
|---|---|---|
| 1-year return | -55.7% | +154.6% |
| 5-year return | -99.4% | -67.2% |
| Volatility (ann.) | 75.7% | 152.4% |
| Beta vs S&P 500 | -4.54 | 3.24 |
| Max drawdown (3Y) | -97.6% | -73.2% |
| Market cap | – | $2.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NKTR |
|---|---|---|
| 2022 | +52.2% | -83.3% |
| 2023 | -90.1% | -75.2% |
| 2024 | -76.6% | +66.1% |
| 2025 | -61.4% | +203.1% |
| 2026 | -49.5% | +76.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NKTR good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NKTR?
The FNGD/NKTR correlation stands at -0.29 on a 3-year window (1 year: -0.14, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is NKTR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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-nktr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nktr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NKTR correlations
