FNGD vs NTRA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Natera, Inc. (NTRA) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NTRA?
Across a 3-year window, the weekly returns of FNGD and NTRA correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.41, with an annualized covariance of -1518.0 %².
Among the 1743 assets we track against FNGD, NTRA ranks #1483 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTRA outperformed by 163.4 percentage points (-55.7% for FNGD against +107.7% for NTRA). Note the risk asymmetry: FNGD runs 1.7 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 NTRA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NTRA (Natera, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +107.7% |
| 5-year return | -99.4% | +182.7% |
| Volatility (ann.) | 75.7% | 45.2% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -39.9% |
| Market cap | – | $48.8B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NTRA |
|---|---|---|
| 2022 | +52.2% | -57.0% |
| 2023 | -90.1% | +55.9% |
| 2024 | -76.6% | +152.7% |
| 2025 | -61.4% | +44.7% |
| 2026 | -49.5% | +47.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NTRA good diversifiers for each other?
Yes. With a correlation of -0.44, FNGD and NTRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NTRA?
As of 2026-08-27, the correlation of weekly returns between FNGD and NTRA is -0.44 over 3 years, -0.35 over 1 year and -0.41 over 5 years.
Is NTRA a good diversifier for FNGD?
Yes. With a correlation of -0.44, FNGD and NTRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
A reading of -0.44 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-ntra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-ntra/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NTRA correlations
