FNGD vs PDYN: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Palladyne AI Corp. (PDYN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PDYN?
Over the past 3 years, FNGD and PDYN moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.53) than the 3-year average (-0.23). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -3486.8 %².
Within FNGD's tracked universe of 1743 assets, PDYN comes in at #273 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PDYN outperformed by 33.8 percentage points (-55.7% for FNGD against -21.9% for PDYN). Risk is not evenly split, since PDYN carries 2.7 times the volatility of the other side.
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 PDYN: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PDYN (Palladyne AI Corp.) | |
|---|---|---|
| 1-year return | -55.7% | -21.9% |
| 5-year return | -99.4% | -88.8% |
| Volatility (ann.) | 75.7% | 204.5% |
| Beta vs S&P 500 | -4.54 | 3.45 |
| Max drawdown (3Y) | -97.6% | -68.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PDYN |
|---|---|---|
| 2022 | +52.2% | -94.4% |
| 2023 | -90.1% | -78.6% |
| 2024 | -76.6% | +1601.8% |
| 2025 | -61.4% | -65.3% |
| 2026 | -49.5% | +43.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PDYN good diversifiers for each other?
Yes. With a correlation of -0.23, FNGD and PDYN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PDYN?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.53 over the last year and -0.23 over 5 years.
Is PDYN a good diversifier for FNGD?
Yes. With a correlation of -0.23, FNGD and PDYN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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-pdyn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-pdyn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · PDYN correlations
