FNGD vs NOVT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Novanta Inc. (NOVT) show a negative relationship: their 3-year correlation of weekly returns is -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NOVT?
On 3 years of weekly data the FNGD/NOVT correlation comes out at -0.44, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.37) sits close to the 3-year figure. The 5-year figure is -0.52, and annualized covariance runs at -1412.4 %².
By 3-year correlation, NOVT places #1482 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NOVT ahead by 78.7 points (-55.7% versus +23.0%). Note the risk asymmetry: FNGD runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NOVT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NOVT (Novanta Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +23.0% |
| 5-year return | -99.4% | -4.1% |
| Volatility (ann.) | 75.7% | 42.1% |
| Beta vs S&P 500 | -4.54 | 1.79 |
| Max drawdown (3Y) | -97.6% | -46.7% |
| Market cap | – | $5.5B |
| P/E (trailing) | 20.6 | 91.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NOVT |
|---|---|---|
| 2022 | +52.2% | -22.9% |
| 2023 | -90.1% | +23.9% |
| 2024 | -76.6% | -9.3% |
| 2025 | -61.4% | -22.1% |
| 2026 | -49.5% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NOVT good diversifiers for each other?
Yes. With a correlation of -0.44, FNGD and NOVT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NOVT?
The FNGD/NOVT correlation stands at -0.44 on a 3-year window (1 year: -0.37, 5 years: -0.52), computed from weekly returns as of 2026-08-27.
Is NOVT a good diversifier for FNGD?
Yes. With a correlation of -0.44, FNGD and NOVT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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-novt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-novt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NOVT correlations
