FNGD vs PJT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and PJT Partners Inc. (PJT) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PJT?
On 3 years of weekly data the FNGD/PJT correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.39 over 3 years. The 5-year figure is -0.37, and annualized covariance runs at -867.6 %².
Among the 1743 assets we track against FNGD, PJT ranks #1327 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PJT ahead by 54.5 points (-55.7% versus -1.2%). Risk is not evenly split, since FNGD carries 2.6 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 PJT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PJT (PJT Partners Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -1.2% |
| 5-year return | -99.4% | +143.7% |
| Volatility (ann.) | 75.7% | 29.4% |
| Beta vs S&P 500 | -4.54 | 1.08 |
| Max drawdown (3Y) | -97.6% | -32.5% |
| Market cap | – | $7.6B |
| P/E (trailing) | 20.6 | 24.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PJT |
|---|---|---|
| 2022 | +52.2% | +0.9% |
| 2023 | -90.1% | +40.0% |
| 2024 | -76.6% | +56.2% |
| 2025 | -61.4% | +6.6% |
| 2026 | -49.5% | +7.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PJT good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PJT?
As of 2026-08-27, the correlation of weekly returns between FNGD and PJT is -0.39 over 3 years, -0.19 over 1 year and -0.37 over 5 years.
Is PJT a good diversifier for FNGD?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 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-pjt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-pjt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · PJT correlations
