FNGD vs NOW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and ServiceNow (NOW) show a negative relationship: their 3-year correlation of weekly returns is -0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NOW?
Across a 3-year window, the weekly returns of FNGD and NOW correlate at -0.58, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.46 versus -0.58 over 3 years. Stretching to 5 years gives -0.63, with an annualized covariance of -1895.6 %².
Among the 1743 assets we track against FNGD, NOW ranks #1665 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NOW ahead by 33.6 points (-55.7% versus -22.1%). Risk is not evenly split, since FNGD carries 1.8 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 NOW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NOW (ServiceNow) | |
|---|---|---|
| 1-year return | -55.7% | -22.1% |
| 5-year return | -99.4% | +7.9% |
| Volatility (ann.) | 75.7% | 43.2% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -64.5% |
| Market cap | – | $143.1B |
| P/E (trailing) | 20.6 | 78.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | NOW |
|---|---|---|
| 2022 | +52.2% | -40.2% |
| 2023 | -90.1% | +82.0% |
| 2024 | -76.6% | +50.1% |
| 2025 | -61.4% | -27.7% |
| 2026 | -49.5% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NOW good diversifiers for each other?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NOW?
As of 2026-08-27, the correlation of weekly returns between FNGD and NOW is -0.58 over 3 years, -0.46 over 1 year and -0.63 over 5 years.
Is NOW a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 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-now.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-now/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NOW correlations
