FNGD vs NVNO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and enVVeno Medical Corporation (NVNO) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NVNO?
Over the past 3 years, FNGD and NVNO moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -1705.8 %².
By 3-year correlation, NVNO places #517 of the 1743 assets tracked against FNGD. The trailing year gives FNGD the advantage: -55.7% versus -64.5%, a 8.8-point spread.
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 NVNO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVNO (enVVeno Medical Corporation) | |
|---|---|---|
| 1-year return | -55.7% | -64.5% |
| 5-year return | -99.4% | -95.8% |
| Volatility (ann.) | 75.7% | 85.0% |
| Beta vs S&P 500 | -4.54 | 1.44 |
| Max drawdown (3Y) | -97.6% | -96.3% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVNO |
|---|---|---|
| 2022 | +52.2% | -22.6% |
| 2023 | -90.1% | +0.8% |
| 2024 | -76.6% | -41.2% |
| 2025 | -61.4% | -89.4% |
| 2026 | -49.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVNO 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 NVNO?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.36 over the last year and -0.24 over 5 years.
Is NVNO 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?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nvno.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nvno/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · NVNO correlations
