FNGD vs P: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Everpure, Inc. (P) carry a correlation of -0.51, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and P?
Over the past 3 years, FNGD and P moved with a correlation of -0.51, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.37) than the 3-year average (-0.51). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -2277.9 %².
Among the 1743 assets we track against FNGD, P ranks #1606 by 3-year correlation. The last year tells two different stories: P led by 118.8 percentage points, -55.7% for FNGD against +63.1% for P.
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 P: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | P (Everpure, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +63.1% |
| 5-year return | -99.4% | +288.3% |
| Volatility (ann.) | 75.7% | 58.7% |
| Beta vs S&P 500 | -4.54 | 2.05 |
| Max drawdown (3Y) | -97.6% | -48.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 135.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | P |
|---|---|---|
| 2022 | +52.2% | -17.8% |
| 2023 | -90.1% | +33.3% |
| 2024 | -76.6% | +72.3% |
| 2025 | -61.4% | +9.1% |
| 2026 | -49.5% | +48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and P good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and P?
The FNGD/P correlation stands at -0.51 on a 3-year window (1 year: -0.37, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is P a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 mean?
On the −1 to +1 scale, -0.51 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-p.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-p/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · P correlations
