FNGD vs PHR: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Phreesia, Inc. (PHR) show a negative relationship: their 3-year correlation of weekly returns is -0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PHR?
On 3 years of weekly data the FNGD/PHR correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.42, and annualized covariance runs at -1600.3 %².
Within FNGD's tracked universe of 1743 assets, PHR comes in at #1235 by 3-year correlation. On 12-month performance FNGD holds a 7.2-point edge, -55.7% against -62.9%.
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 PHR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PHR (Phreesia, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -62.9% |
| 5-year return | -99.4% | -83.5% |
| Volatility (ann.) | 75.7% | 57.6% |
| Beta vs S&P 500 | -4.54 | 1.57 |
| Max drawdown (3Y) | -97.6% | -75.2% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | 74.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PHR |
|---|---|---|
| 2022 | +52.2% | -22.3% |
| 2023 | -90.1% | -28.5% |
| 2024 | -76.6% | +8.7% |
| 2025 | -61.4% | -32.8% |
| 2026 | -49.5% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PHR good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and PHR?
As of 2026-08-27, the correlation of weekly returns between FNGD and PHR is -0.37 over 3 years, -0.32 over 1 year and -0.42 over 5 years.
Is PHR a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
A reading of -0.37 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-phr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-phr/)
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Related comparisons
Hubs: FNGD correlations · PHR correlations
