FNGD vs NVEC: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NVE Corporation (NVEC) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NVEC?
Across a 3-year window, the weekly returns of FNGD and NVEC correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.30, with an annualized covariance of -884.2 %².
By 3-year correlation, NVEC places #516 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NVEC outperformed by 129.4 percentage points (-55.7% for FNGD against +73.7% for NVEC). Risk is not evenly split, since FNGD carries 1.7 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 NVEC: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVEC (NVE Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +73.7% |
| 5-year return | -99.4% | +103.2% |
| Volatility (ann.) | 75.7% | 44.5% |
| Beta vs S&P 500 | -4.54 | 1.14 |
| Max drawdown (3Y) | -97.6% | -37.7% |
| Market cap | – | $0.5B |
| P/E (trailing) | 20.6 | 28.8 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVEC |
|---|---|---|
| 2022 | +52.2% | +1.9% |
| 2023 | -90.1% | +27.7% |
| 2024 | -76.6% | +9.2% |
| 2025 | -61.4% | -22.7% |
| 2026 | -49.5% | +86.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVEC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NVEC?
The FNGD/NVEC correlation stands at -0.26 on a 3-year window (1 year: -0.19, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is NVEC a good diversifier for FNGD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-nvec.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nvec/)
The core API is free. Terms and every endpoint in the API documentation.
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Hubs: FNGD correlations · NVEC correlations
