FNGD vs PANW: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Palo Alto Networks (PANW) show a negative relationship: their 3-year correlation of weekly returns is -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PANW?
Over the past 3 years, FNGD and PANW moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.50 lands near the 3-year figure. Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -1584.0 %².
Among the 1743 assets we track against FNGD, PANW ranks #1590 by 3-year correlation. The last year tells two different stories: PANW led by 159.8 percentage points, -55.7% for FNGD against +104.1% for PANW. 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 PANW: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | -55.7% | +104.1% |
| 5-year return | -99.4% | +400.7% |
| Volatility (ann.) | 75.7% | 42.0% |
| Beta vs S&P 500 | -4.54 | 1.32 |
| Max drawdown (3Y) | -97.6% | -36.0% |
| Market cap | – | $312.0B |
| P/E (trailing) | 20.6 | 294.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | PANW |
|---|---|---|
| 2022 | +52.2% | -24.8% |
| 2023 | -90.1% | +111.3% |
| 2024 | -76.6% | +23.4% |
| 2025 | -61.4% | +1.2% |
| 2026 | -49.5% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PANW good diversifiers for each other?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PANW?
As of 2026-08-27, the correlation of weekly returns between FNGD and PANW is -0.50 over 3 years, -0.50 over 1 year and -0.51 over 5 years.
Is PANW a good diversifier for FNGD?
Yes: at -0.50, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.50 mean?
A reading of -0.50 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-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PANW correlations
