FNGD vs NN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NextNav Inc. (NN) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NN?
Across a 3-year window, the weekly returns of FNGD and NN correlate at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. Stretching to 5 years gives -0.16, with an annualized covariance of -1153.0 %².
By 3-year correlation, NN places #92 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NN ahead by 44.0 points (-55.7% versus -11.7%).
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 NN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NN (NextNav Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -11.7% |
| 5-year return | -99.4% | +56.5% |
| Volatility (ann.) | 75.7% | 75.3% |
| Beta vs S&P 500 | -4.54 | 1.45 |
| Max drawdown (3Y) | -97.6% | -47.8% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NN |
|---|---|---|
| 2022 | +52.2% | -66.6% |
| 2023 | -90.1% | +51.9% |
| 2024 | -76.6% | +249.7% |
| 2025 | -61.4% | +6.9% |
| 2026 | -49.5% | -5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NN good diversifiers for each other?
Yes. With a correlation of -0.20, FNGD and NN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NN?
The FNGD/NN correlation stands at -0.20 on a 3-year window (1 year: -0.18, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is NN a good diversifier for FNGD?
Yes. With a correlation of -0.20, FNGD and NN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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.
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Related comparisons
Hubs: FNGD correlations · NN correlations
