FNGD vs PAGS: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PagSeguro Digital Ltd. Class A (PAGS) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PAGS?
Across a 3-year window, the weekly returns of FNGD and PAGS correlate at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.38, with an annualized covariance of -1083.6 %².
Among the 1743 assets we track against FNGD, PAGS ranks #1095 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAGS ahead by 61.3 points (-55.7% versus +5.6%). Note the risk asymmetry: FNGD runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PAGS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAGS (PagSeguro Digital Ltd. Class A) | |
|---|---|---|
| 1-year return | -55.7% | +5.6% |
| 5-year return | -99.4% | -84.4% |
| Volatility (ann.) | 75.7% | 42.1% |
| Beta vs S&P 500 | -4.54 | 1.17 |
| Max drawdown (3Y) | -97.6% | -57.6% |
| Market cap | – | $2.5B |
| P/E (trailing) | 20.6 | 6.2 |
| Dividend yield | 0.00% | 14.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PAGS |
|---|---|---|
| 2022 | +52.2% | -66.7% |
| 2023 | -90.1% | +42.7% |
| 2024 | -76.6% | -49.8% |
| 2025 | -61.4% | +58.7% |
| 2026 | -49.5% | -5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAGS good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PAGS?
The FNGD/PAGS correlation stands at -0.34 on a 3-year window (1 year: -0.30, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is PAGS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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-pags.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pags/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PAGS correlations
