FNGD vs NTAP: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NetApp (NTAP) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NTAP?
Over the past 3 years, FNGD and NTAP moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Over 5 years the correlation is -0.47, and the annualized covariance of weekly returns is -1420.3 %².
Within FNGD's tracked universe of 1743 assets, NTAP comes in at #1587 by 3-year correlation. The last year tells two different stories: NTAP led by 128.7 percentage points, -55.7% for FNGD against +73.0% for NTAP. Risk is not evenly split, since FNGD carries 2.0 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 NTAP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | -55.7% | +73.0% |
| 5-year return | -99.4% | +141.7% |
| Volatility (ann.) | 75.7% | 37.6% |
| Beta vs S&P 500 | -4.54 | 1.38 |
| Max drawdown (3Y) | -97.6% | -42.6% |
| Market cap | – | $37.4B |
| P/E (trailing) | 20.6 | 30.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | NTAP |
|---|---|---|
| 2022 | +52.2% | -32.9% |
| 2023 | -90.1% | +51.1% |
| 2024 | -76.6% | +34.2% |
| 2025 | -61.4% | -5.9% |
| 2026 | -49.5% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NTAP good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NTAP?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.43 over the last year and -0.47 over 5 years.
Is NTAP a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 mean?
A reading of -0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NTAP correlations
