FNGD vs NXPL: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and NextPlat Corp (NXPL) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NXPL?
Across a 3-year window, the weekly returns of FNGD and NXPL correlate at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -1510.3 %².
By 3-year correlation, NXPL places #717 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with NXPL ahead by 75.2 points (-55.7% versus +19.5%).
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 NXPL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NXPL (NextPlat Corp) | |
|---|---|---|
| 1-year return | -55.7% | +19.5% |
| 5-year return | -99.4% | -85.7% |
| Volatility (ann.) | 75.7% | 71.9% |
| Beta vs S&P 500 | -4.54 | 1.10 |
| Max drawdown (3Y) | -97.6% | -84.4% |
| 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 | NXPL |
|---|---|---|
| 2022 | +52.2% | -61.1% |
| 2023 | -90.1% | +31.0% |
| 2024 | -76.6% | -34.5% |
| 2025 | -61.4% | -50.9% |
| 2026 | -49.5% | +75.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NXPL good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NXPL?
As of 2026-08-27, the correlation of weekly returns between FNGD and NXPL is -0.28 over 3 years, -0.31 over 1 year and -0.20 over 5 years.
Is NXPL a good diversifier for FNGD?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-nxpl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-nxpl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · NXPL correlations
