FNGD vs NVDA: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nvidia (NVDA) trade together? Their weekly returns over three years give a correlation of -0.73, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NVDA?
Across a 3-year window, the weekly returns of FNGD and NVDA correlate at -0.73, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.59) than the 3-year average (-0.73). Stretching to 5 years gives -0.75, with an annualized covariance of -2468.7 %².
Within FNGD's tracked universe of 1743 assets, NVDA comes in at #1711 by 3-year correlation. The last year tells two different stories: NVDA led by 81.4 percentage points, -55.7% for FNGD against +25.7% for NVDA. Note the risk asymmetry: FNGD runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NVDA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVDA (Nvidia) | |
|---|---|---|
| 1-year return | -55.7% | +25.7% |
| 5-year return | -99.4% | +908.3% |
| Volatility (ann.) | 75.7% | 44.5% |
| Beta vs S&P 500 | -4.54 | 2.18 |
| Max drawdown (3Y) | -97.6% | -36.9% |
| Market cap | – | $5,505.0B |
| P/E (trailing) | 20.6 | 32.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | NVDA |
|---|---|---|
| 2022 | +52.2% | -50.3% |
| 2023 | -90.1% | +239.0% |
| 2024 | -76.6% | +171.2% |
| 2025 | -61.4% | +38.9% |
| 2026 | -49.5% | +22.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVDA good diversifiers for each other?
By historical standards, yes. A correlation of -0.73 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NVDA?
Using weekly returns as of 2026-08-27: -0.73 over 3 years, with -0.59 over the last year and -0.75 over 5 years.
Is NVDA a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.73 means the two rarely move for the same reasons.
What does a correlation of -0.73 mean?
A reading of -0.73 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
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nvda.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-nvda/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NVDA correlations
