FNGD vs PAYX: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Paychex (PAYX) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PAYX?
Across a 3-year window, the weekly returns of FNGD and PAYX correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.14) sits close to the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -351.9 %².
Within FNGD's tracked universe of 1743 assets, PAYX comes in at #192 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAYX ahead by 50.9 points (-55.7% versus -4.8%). One caveat on sizing: FNGD is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PAYX: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | -55.7% | -4.8% |
| 5-year return | -99.4% | +29.0% |
| Volatility (ann.) | 75.7% | 21.3% |
| Beta vs S&P 500 | -4.54 | 0.47 |
| Max drawdown (3Y) | -97.6% | -45.0% |
| Market cap | – | $45.0B |
| P/E (trailing) | 20.6 | 25.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FNGD | PAYX |
|---|---|---|
| 2022 | +52.2% | -13.2% |
| 2023 | -90.1% | +6.2% |
| 2024 | -76.6% | +21.3% |
| 2025 | -61.4% | -17.5% |
| 2026 | -49.5% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PAYX good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PAYX?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.14 over the last year and -0.41 over 5 years.
Is PAYX a good diversifier for FNGD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: FNGD correlations · PAYX correlations
