FNGD vs PAX: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Patria Investments Limited - Class A (PAX) show a negative relationship: their 3-year correlation of weekly returns is -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PAX?
Over the past 3 years, FNGD and PAX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.38 over 3. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -826.6 %².
Within FNGD's tracked universe of 1743 assets, PAX comes in at #1282 by 3-year correlation. The last year tells two different stories: PAX led by 46.9 percentage points, -55.7% for FNGD against -8.8% for PAX. Risk is not evenly split, since FNGD carries 2.6 times the volatility of the other side.
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 PAX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | -55.7% | -8.8% |
| 5-year return | -99.4% | -3.0% |
| Volatility (ann.) | 75.7% | 28.8% |
| Beta vs S&P 500 | -4.54 | 0.98 |
| Max drawdown (3Y) | -97.6% | -37.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | 20.6 | 25.9 |
| Dividend yield | 0.00% | 5.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PAX |
|---|---|---|
| 2022 | +52.2% | -9.9% |
| 2023 | -90.1% | +18.9% |
| 2024 | -76.6% | -20.0% |
| 2025 | -61.4% | +43.1% |
| 2026 | -49.5% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAX good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and PAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PAX?
As of 2026-08-27, the correlation of weekly returns between FNGD and PAX is -0.38 over 3 years, -0.37 over 1 year and -0.38 over 5 years.
Is PAX a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and PAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-pax/)
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Related comparisons
Hubs: FNGD correlations · PAX correlations
