FNGD vs NNBR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NN, Inc. (NNBR) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NNBR?
On 3 years of weekly data the FNGD/NNBR correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.34 over 3. The 5-year figure is -0.27, and annualized covariance runs at -1937.0 %².
By 3-year correlation, NNBR places #1092 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NNBR outperformed by 95.7 percentage points (-55.7% for FNGD against +40.0% for NNBR).
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 NNBR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NNBR (NN, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +40.0% |
| 5-year return | -99.4% | -34.0% |
| Volatility (ann.) | 75.7% | 76.0% |
| Beta vs S&P 500 | -4.54 | 2.49 |
| Max drawdown (3Y) | -97.6% | -77.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NNBR |
|---|---|---|
| 2022 | +52.2% | -63.4% |
| 2023 | -90.1% | +166.7% |
| 2024 | -76.6% | -18.3% |
| 2025 | -61.4% | -60.9% |
| 2026 | -49.5% | +178.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NNBR good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and NNBR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NNBR?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.29 over the last year and -0.27 over 5 years.
Is NNBR a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and NNBR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nnbr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nnbr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NNBR correlations
