FNGD vs NXDR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nextdoor Holdings, Inc. (NXDR) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NXDR?
On 3 years of weekly data the FNGD/NXDR correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.45) sits close to the 3-year figure. The 5-year figure is -0.47, and annualized covariance runs at -1620.0 %².
Within FNGD's tracked universe of 1743 assets, NXDR comes in at #1361 by 3-year correlation. The last year tells two different stories: NXDR led by 65.7 percentage points, -55.7% for FNGD against +10.0% for NXDR.
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 NXDR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NXDR (Nextdoor Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +10.0% |
| 5-year return | -99.4% | -82.2% |
| Volatility (ann.) | 75.7% | 54.0% |
| Beta vs S&P 500 | -4.54 | 1.65 |
| Max drawdown (3Y) | -97.6% | -53.6% |
| Market cap | – | $0.9B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NXDR |
|---|---|---|
| 2022 | +52.2% | -73.9% |
| 2023 | -90.1% | -8.3% |
| 2024 | -76.6% | +25.4% |
| 2025 | -61.4% | -11.4% |
| 2026 | -49.5% | +10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NXDR good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NXDR?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.45 over the last year and -0.47 over 5 years.
Is NXDR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
A reading of -0.40 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-nxdr.json
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[](https://www.pairbook.io/pair/fngd-vs-nxdr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · NXDR correlations
