FNGD vs NVO: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Novo Nordisk A/S (NVO) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NVO?
On 3 years of weekly data the FNGD/NVO correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.26 over 3. The 5-year figure is -0.23, and annualized covariance runs at -915.9 %².
Within FNGD's tracked universe of 1743 assets, NVO comes in at #518 by 3-year correlation. The last year tells two different stories: NVO led by 41.8 percentage points, -55.7% for FNGD against -13.9% for NVO. One caveat on sizing: FNGD is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NVO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVO (Novo Nordisk A/S) | |
|---|---|---|
| 1-year return | -55.7% | -13.9% |
| 5-year return | -99.4% | +1.3% |
| Volatility (ann.) | 75.7% | 45.9% |
| Beta vs S&P 500 | -4.54 | 1.06 |
| Max drawdown (3Y) | -97.6% | -74.7% |
| Market cap | – | $204.5B |
| P/E (trailing) | 20.6 | 11.5 |
| Dividend yield | 0.00% | 24.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVO |
|---|---|---|
| 2022 | +52.2% | +22.7% |
| 2023 | -90.1% | +54.8% |
| 2024 | -76.6% | -15.9% |
| 2025 | -61.4% | -39.2% |
| 2026 | -49.5% | -4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVO 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 NVO?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.24 over the last year and -0.23 over 5 years.
Is NVO 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?
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 · NVO correlations
