FNGD vs NVTS: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Navitas Semiconductor Corporation (NVTS) 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 NVTS?
Across a 3-year window, the weekly returns of FNGD and NVTS correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.35, with an annualized covariance of -2449.2 %².
Within FNGD's tracked universe of 1743 assets, NVTS comes in at #519 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NVTS outperformed by 161.8 percentage points (-55.7% for FNGD against +106.1% for NVTS). Risk is not evenly split, since NVTS carries 1.6 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 NVTS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NVTS (Navitas Semiconductor Corporation) | |
|---|---|---|
| 1-year return | -55.7% | +106.1% |
| 5-year return | -99.4% | -2.3% |
| Volatility (ann.) | 75.7% | 122.7% |
| Beta vs S&P 500 | -4.54 | 2.11 |
| Max drawdown (3Y) | -97.6% | -81.8% |
| Market cap | – | $3.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NVTS |
|---|---|---|
| 2022 | +52.2% | -79.4% |
| 2023 | -90.1% | +129.9% |
| 2024 | -76.6% | -55.8% |
| 2025 | -61.4% | +100.0% |
| 2026 | -49.5% | +75.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NVTS 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 NVTS?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.34 over the last year and -0.35 over 5 years.
Is NVTS 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-nvts.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-nvts/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NVTS correlations
