FNGD vs NTZ: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Natuzzi, S.p.A. (NTZ) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NTZ?
On 3 years of weekly data the FNGD/NTZ 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 -0.13 lands near the 3-year figure. The 5-year figure is -0.17, and annualized covariance runs at -742.7 %².
Within FNGD's tracked universe of 1743 assets, NTZ comes in at #59 by 3-year correlation. Over the last 12 months FNGD came out ahead by 11.0 percentage points (-55.7% against -66.7%).
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 NTZ: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NTZ (Natuzzi, S.p.A.) | |
|---|---|---|
| 1-year return | -55.7% | -66.7% |
| 5-year return | -99.4% | -93.4% |
| Volatility (ann.) | 75.7% | 52.2% |
| Beta vs S&P 500 | -4.54 | 1.05 |
| Max drawdown (3Y) | -97.6% | -86.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NTZ |
|---|---|---|
| 2022 | +52.2% | -51.7% |
| 2023 | -90.1% | -12.0% |
| 2024 | -76.6% | -29.1% |
| 2025 | -61.4% | -50.8% |
| 2026 | -49.5% | -57.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NTZ good diversifiers for each other?
Yes. With a correlation of -0.19, FNGD and NTZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NTZ?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.13 over the last year and -0.17 over 5 years.
Is NTZ a good diversifier for FNGD?
Yes. With a correlation of -0.19, FNGD and NTZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-ntz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-ntz/)
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Related comparisons
Hubs: FNGD correlations · NTZ correlations
