FNGD vs NVAX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Novavax, Inc. (NVAX) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NVAX?
On 3 years of weekly data the FNGD/NVAX correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.53) runs below the 3-year figure (-0.25). The 5-year figure is -0.30, and annualized covariance runs at -1641.4 %².
By 3-year correlation, NVAX places #445 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NVAX ahead by 75.1 points (-55.7% versus +19.4%).
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 NVAX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVAX (Novavax, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +19.4% |
| 5-year return | -99.4% | -96.1% |
| Volatility (ann.) | 75.7% | 86.3% |
| Beta vs S&P 500 | -4.54 | 1.77 |
| Max drawdown (3Y) | -97.6% | -74.1% |
| Market cap | – | $1.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVAX |
|---|---|---|
| 2022 | +52.2% | -92.8% |
| 2023 | -90.1% | -53.3% |
| 2024 | -76.6% | +67.5% |
| 2025 | -61.4% | -16.4% |
| 2026 | -49.5% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVAX good diversifiers for each other?
Yes. With a correlation of -0.25, FNGD and NVAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and NVAX?
As of 2026-08-27, the correlation of weekly returns between FNGD and NVAX is -0.25 over 3 years, -0.53 over 1 year and -0.30 over 5 years.
Is NVAX a good diversifier for FNGD?
Yes. With a correlation of -0.25, FNGD and NVAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 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
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Hubs: FNGD correlations · NVAX correlations
