FNGD vs PENG: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Penguin Solutions, Inc. (PENG) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PENG?
Across a 3-year window, the weekly returns of FNGD and PENG correlate at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.49 lands near the 3-year figure. Stretching to 5 years gives -0.49, with an annualized covariance of -2470.7 %².
Within FNGD's tracked universe of 1743 assets, PENG comes in at #1516 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PENG ahead by 171.9 points (-55.7% versus +116.2%).
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 PENG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PENG (Penguin Solutions, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +116.2% |
| 5-year return | -99.4% | +118.5% |
| Volatility (ann.) | 75.7% | 71.5% |
| Beta vs S&P 500 | -4.54 | 2.57 |
| Max drawdown (3Y) | -97.6% | -50.5% |
| Market cap | – | $2.7B |
| P/E (trailing) | 20.6 | 37.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PENG |
|---|---|---|
| 2022 | +52.2% | -58.1% |
| 2023 | -90.1% | +27.2% |
| 2024 | -76.6% | +1.4% |
| 2025 | -61.4% | +1.9% |
| 2026 | -49.5% | +168.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PENG good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PENG?
The FNGD/PENG correlation stands at -0.46 on a 3-year window (1 year: -0.49, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is PENG a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 mean?
A reading of -0.46 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-peng.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-peng/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PENG correlations
