FNGD vs NVCR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NovoCure Limited (NVCR) 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 NVCR?
Across a 3-year window, the weekly returns of FNGD and NVCR correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.28, with an annualized covariance of -1351.0 %².
Within FNGD's tracked universe of 1743 assets, NVCR comes in at #446 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NVCR outperformed by 106.7 percentage points (-55.7% for FNGD against +51.0% for NVCR).
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 NVCR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVCR (NovoCure Limited) | |
|---|---|---|
| 1-year return | -55.7% | +51.0% |
| 5-year return | -99.4% | -86.6% |
| Volatility (ann.) | 75.7% | 70.1% |
| Beta vs S&P 500 | -4.54 | 1.51 |
| Max drawdown (3Y) | -97.6% | -70.0% |
| Market cap | – | $2.1B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVCR |
|---|---|---|
| 2022 | +52.2% | -2.3% |
| 2023 | -90.1% | -79.6% |
| 2024 | -76.6% | +99.6% |
| 2025 | -61.4% | -56.6% |
| 2026 | -49.5% | +39.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVCR good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NVCR?
The FNGD/NVCR correlation stands at -0.25 on a 3-year window (1 year: -0.14, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is NVCR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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.
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Related comparisons
Hubs: FNGD correlations · NVCR correlations
