FNGD vs PLTR: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Palantir Technologies (PLTR) trade together? Their weekly returns over three years give a correlation of -0.57, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PLTR?
Over the past 3 years, FNGD and PLTR moved with a correlation of -0.57, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.62 over 1 year against -0.57 over 3. Over 5 years the correlation is -0.59, and the annualized covariance of weekly returns is -3073.9 %².
By 3-year correlation, PLTR places #1658 of the 1743 assets tracked against FNGD. The last year tells two different stories: PLTR led by 74.3 percentage points, -55.7% for FNGD against +18.6% for PLTR.
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 PLTR: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PLTR (Palantir Technologies) | |
|---|---|---|
| 1-year return | -55.7% | +18.6% |
| 5-year return | -99.4% | +621.8% |
| Volatility (ann.) | 75.7% | 71.3% |
| Beta vs S&P 500 | -4.54 | 2.47 |
| Max drawdown (3Y) | -97.6% | -48.2% |
| Market cap | – | $446.8B |
| P/E (trailing) | 20.6 | 151.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | FNGD | PLTR |
|---|---|---|
| 2022 | +52.2% | -64.7% |
| 2023 | -90.1% | +167.4% |
| 2024 | -76.6% | +340.5% |
| 2025 | -61.4% | +135.0% |
| 2026 | -49.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PLTR good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PLTR?
As of 2026-08-27, the correlation of weekly returns between FNGD and PLTR is -0.57 over 3 years, -0.62 over 1 year and -0.59 over 5 years.
Is PLTR a good diversifier for FNGD?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 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.
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Related comparisons
Hubs: FNGD correlations · PLTR correlations
