FNGD vs NTWK: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NETSOL Technologies Inc. (NTWK) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NTWK?
Over the past 3 years, FNGD and NTWK moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -864.9 %².
By 3-year correlation, NTWK places #354 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NTWK outperformed by 56.2 percentage points (-55.7% for FNGD against +0.5% for NTWK). Risk is not evenly split, since FNGD carries 1.6 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 NTWK: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NTWK (NETSOL Technologies Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +0.5% |
| 5-year return | -99.4% | -4.3% |
| Volatility (ann.) | 75.7% | 47.2% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -46.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 26.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NTWK |
|---|---|---|
| 2022 | +52.2% | -27.0% |
| 2023 | -90.1% | -23.9% |
| 2024 | -76.6% | +19.1% |
| 2025 | -61.4% | +15.6% |
| 2026 | -49.5% | +32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NTWK good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NTWK?
The FNGD/NTWK correlation stands at -0.24 on a 3-year window (1 year: -0.25, 5 years: -0.22), computed from weekly returns as of 2026-08-27.
Is NTWK a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-ntwk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ntwk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NTWK correlations
