FNGD vs PAY: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Paymentus Holdings, Inc. (PAY) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PAY?
Over the past 3 years, FNGD and PAY moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -1274.7 %².
Among the 1743 assets we track against FNGD, PAY ranks #850 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAY ahead by 48.9 points (-55.7% versus -6.8%).
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 PAY: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAY (Paymentus Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -6.8% |
| 5-year return | -99.4% | +38.6% |
| Volatility (ann.) | 75.7% | 57.0% |
| Beta vs S&P 500 | -4.54 | 1.24 |
| Max drawdown (3Y) | -97.6% | -49.3% |
| Market cap | – | $4.5B |
| P/E (trailing) | 20.6 | 60.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PAY |
|---|---|---|
| 2022 | +52.2% | -77.1% |
| 2023 | -90.1% | +123.1% |
| 2024 | -76.6% | +82.8% |
| 2025 | -61.4% | -3.3% |
| 2026 | -49.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PAY?
As of 2026-08-27, the correlation of weekly returns between FNGD and PAY is -0.30 over 3 years, -0.28 over 1 year and -0.37 over 5 years.
Is PAY a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-pay.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pay/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PAY correlations
