FNGD vs PD: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PagerDuty, Inc. (PD) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PD?
Over the past 3 years, FNGD and PD moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Over 5 years the correlation is -0.54, and the annualized covariance of weekly returns is -1800.1 %².
Among the 1743 assets we track against FNGD, PD ranks #1505 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PD outperformed by 30.2 percentage points (-55.7% for FNGD against -25.5% for PD).
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 PD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PD (PagerDuty, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -25.5% |
| 5-year return | -99.4% | -70.4% |
| Volatility (ann.) | 75.7% | 52.9% |
| Beta vs S&P 500 | -4.54 | 1.44 |
| Max drawdown (3Y) | -97.6% | -78.4% |
| Market cap | – | $1.0B |
| P/E (trailing) | 20.6 | 5.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PD |
|---|---|---|
| 2022 | +52.2% | -23.6% |
| 2023 | -90.1% | -12.8% |
| 2024 | -76.6% | -21.1% |
| 2025 | -61.4% | -28.2% |
| 2026 | -49.5% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PD good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PD?
As of 2026-08-27, the correlation of weekly returns between FNGD and PD is -0.45 over 3 years, -0.43 over 1 year and -0.54 over 5 years.
Is PD a good diversifier for FNGD?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PD correlations
