FNGD vs PCOR: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Procore Technologies, Inc. (PCOR) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PCOR?
Over the past 3 years, FNGD and PCOR moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.23) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.52, and the annualized covariance of weekly returns is -1340.7 %².
Within FNGD's tracked universe of 1743 assets, PCOR comes in at #1283 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PCOR outperformed by 49.7 percentage points (-55.7% for FNGD against -6.0% for PCOR). One caveat on sizing: FNGD is 1.6 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 PCOR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PCOR (Procore Technologies, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -6.0% |
| 5-year return | -99.4% | -32.7% |
| Volatility (ann.) | 75.7% | 46.4% |
| Beta vs S&P 500 | -4.54 | 1.31 |
| Max drawdown (3Y) | -97.6% | -56.6% |
| Market cap | – | $9.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PCOR |
|---|---|---|
| 2022 | +52.2% | -41.0% |
| 2023 | -90.1% | +46.7% |
| 2024 | -76.6% | +8.2% |
| 2025 | -61.4% | -2.9% |
| 2026 | -49.5% | -12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PCOR good diversifiers for each other?
Yes. With a correlation of -0.38, FNGD and PCOR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PCOR?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.23 over the last year and -0.52 over 5 years.
Is PCOR a good diversifier for FNGD?
Yes. With a correlation of -0.38, FNGD and PCOR 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-pcor.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pcor/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PCOR correlations
