FNGD vs PL: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Planet Labs PBC (PL) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PL?
On 3 years of weekly data the FNGD/PL correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.34 over 3 years. The 5-year figure is -0.35, and annualized covariance runs at -2297.8 %².
Within FNGD's tracked universe of 1743 assets, PL comes in at #1098 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PL ahead by 254.6 points (-55.7% versus +198.9%).
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 PL: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PL (Planet Labs PBC) | |
|---|---|---|
| 1-year return | -55.7% | +198.9% |
| 5-year return | -99.4% | +114.4% |
| Volatility (ann.) | 75.7% | 89.7% |
| Beta vs S&P 500 | -4.54 | 2.46 |
| Max drawdown (3Y) | -97.6% | -62.1% |
| Market cap | – | $7.5B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PL |
|---|---|---|
| 2022 | +52.2% | -29.3% |
| 2023 | -90.1% | -43.2% |
| 2024 | -76.6% | +63.6% |
| 2025 | -61.4% | +388.1% |
| 2026 | -49.5% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PL good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and PL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and PL?
As of 2026-08-27, the correlation of weekly returns between FNGD and PL is -0.34 over 3 years, -0.24 over 1 year and -0.35 over 5 years.
Is PL a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and PL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-pl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-pl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · PL correlations
