FNGD vs NU: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nu Holdings Ltd. Class A (NU) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NU?
Across a 3-year window, the weekly returns of FNGD and NU correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.31) than the 3-year average (-0.42). Stretching to 5 years gives -0.45, with an annualized covariance of -1261.8 %².
Among the 1743 assets we track against FNGD, NU ranks #1423 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NU outperformed by 57.3 percentage points (-55.7% for FNGD against +1.6% for NU). Risk is not evenly split, since FNGD carries 1.9 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 NU: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NU (Nu Holdings Ltd. Class A) | |
|---|---|---|
| 1-year return | -55.7% | +1.6% |
| 5-year return | -99.4% | +44.0% |
| Volatility (ann.) | 75.7% | 39.4% |
| Beta vs S&P 500 | -4.54 | 1.26 |
| Max drawdown (3Y) | -97.6% | -39.6% |
| Market cap | – | $71.9B |
| P/E (trailing) | 20.6 | 20.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NU |
|---|---|---|
| 2022 | +52.2% | -56.6% |
| 2023 | -90.1% | +104.7% |
| 2024 | -76.6% | +24.4% |
| 2025 | -61.4% | +61.6% |
| 2026 | -49.5% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NU good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NU?
The FNGD/NU correlation stands at -0.42 on a 3-year window (1 year: -0.31, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is NU a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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-nu.json
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Related comparisons
Hubs: FNGD correlations · NU correlations
