FNGD vs NRGV: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Energy Vault Holdings, Inc. (NRGV) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NRGV?
On 3 years of weekly data the FNGD/NRGV correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. The 5-year figure is -0.18, and annualized covariance runs at -1532.7 %².
Among the 1743 assets we track against FNGD, NRGV ranks #58 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NRGV outperformed by 184.4 percentage points (-55.7% for FNGD against +128.7% for NRGV).
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 NRGV: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NRGV (Energy Vault Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +128.7% |
| 5-year return | -99.4% | -61.1% |
| Volatility (ann.) | 75.7% | 104.9% |
| Beta vs S&P 500 | -4.54 | 2.23 |
| Max drawdown (3Y) | -97.6% | -80.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NRGV |
|---|---|---|
| 2022 | +52.2% | -68.5% |
| 2023 | -90.1% | -25.3% |
| 2024 | -76.6% | -2.1% |
| 2025 | -61.4% | +102.2% |
| 2026 | -49.5% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NRGV good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NRGV?
As of 2026-08-27, the correlation of weekly returns between FNGD and NRGV is -0.19 over 3 years, -0.16 over 1 year and -0.18 over 5 years.
Is NRGV a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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
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Related comparisons
Hubs: FNGD correlations · NRGV correlations
