FNGD vs PEGA: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Pegasystems Inc. (PEGA) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PEGA?
On 3 years of weekly data the FNGD/PEGA correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -1362.1 %².
Within FNGD's tracked universe of 1743 assets, PEGA comes in at #1195 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PEGA ahead by 23.9 points (-55.7% versus -31.8%). One caveat on sizing: FNGD is 1.5 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 PEGA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PEGA (Pegasystems Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -31.8% |
| 5-year return | -99.4% | -47.4% |
| Volatility (ann.) | 75.7% | 50.2% |
| Beta vs S&P 500 | -4.54 | 1.28 |
| Max drawdown (3Y) | -97.6% | -60.9% |
| Market cap | – | $5.9B |
| P/E (trailing) | 20.6 | 20.4 |
| Dividend yield | 0.00% | 0.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PEGA |
|---|---|---|
| 2022 | +52.2% | -69.3% |
| 2023 | -90.1% | +43.1% |
| 2024 | -76.6% | +91.0% |
| 2025 | -61.4% | +28.4% |
| 2026 | -49.5% | -39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PEGA good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PEGA?
As of 2026-08-27, the correlation of weekly returns between FNGD and PEGA is -0.36 over 3 years, -0.34 over 1 year and -0.43 over 5 years.
Is PEGA a good diversifier for FNGD?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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-pega.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-pega/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PEGA correlations
