FNGD vs PAYO: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Payoneer Global Inc. (PAYO) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PAYO?
Over the past 3 years, FNGD and PAYO moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.31). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -1121.7 %².
By 3-year correlation, PAYO places #910 of the 1743 assets tracked against FNGD. The last year tells two different stories: PAYO led by 60.7 percentage points, -55.7% for FNGD against +5.0% for PAYO. Note the risk asymmetry: FNGD runs 1.6 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 PAYO: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAYO (Payoneer Global Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +5.0% |
| 5-year return | -99.4% | -27.7% |
| Volatility (ann.) | 75.7% | 48.1% |
| Beta vs S&P 500 | -4.54 | 1.27 |
| Max drawdown (3Y) | -97.6% | -61.4% |
| Market cap | – | $2.4B |
| P/E (trailing) | 20.6 | 50.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PAYO |
|---|---|---|
| 2022 | +52.2% | -25.6% |
| 2023 | -90.1% | -4.8% |
| 2024 | -76.6% | +92.7% |
| 2025 | -61.4% | -44.0% |
| 2026 | -49.5% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAYO good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PAYO?
The FNGD/PAYO correlation stands at -0.31 on a 3-year window (1 year: -0.14, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is PAYO a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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-payo.json
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[](https://www.pairbook.io/pair/fngd-vs-payo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PAYO correlations
