FNGD vs NXT: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Nextpower Inc. (NXT) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NXT?
Across a 3-year window, the weekly returns of FNGD and NXT correlate at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -1410.6 %².
By 3-year correlation, NXT places #846 of the 1743 assets tracked against FNGD. Their recent paths diverged sharply: over the last 12 months NXT outperformed by 88.0 percentage points (-55.7% for FNGD against +32.3% for NXT).
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 NXT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NXT (Nextpower Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +32.3% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 62.6% |
| Beta vs S&P 500 | -4.54 | 1.42 |
| Max drawdown (3Y) | -97.6% | -48.6% |
| Market cap | – | $13.8B |
| P/E (trailing) | 20.6 | 22.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NXT |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | -22.0% |
| 2025 | -61.4% | +138.5% |
| 2026 | -49.5% | +2.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NXT good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and NXT?
As of 2026-08-27, the correlation of weekly returns between FNGD and NXT is -0.30 over 3 years, -0.36 over 1 year and n/a over 5 years.
Is NXT a good diversifier for FNGD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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.
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Related comparisons
Hubs: FNGD correlations · NXT correlations
