FNGD vs PRLB: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Proto Labs, Inc. (PRLB) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and PRLB?
Across a 3-year window, the weekly returns of FNGD and PRLB correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.31). Stretching to 5 years gives -0.35, with an annualized covariance of -1181.7 %².
Within FNGD's tracked universe of 1743 assets, PRLB comes in at #914 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PRLB ahead by 113.3 points (-55.7% versus +57.6%). Risk is not evenly split, since FNGD carries 1.5 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 PRLB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | PRLB (Proto Labs, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +57.6% |
| 5-year return | -99.4% | +10.1% |
| Volatility (ann.) | 75.7% | 50.3% |
| Beta vs S&P 500 | -4.54 | 1.52 |
| Max drawdown (3Y) | -97.6% | -33.6% |
| Market cap | – | $1.9B |
| P/E (trailing) | 20.6 | 62.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | PRLB |
|---|---|---|
| 2022 | +52.2% | -50.3% |
| 2023 | -90.1% | +52.6% |
| 2024 | -76.6% | +0.3% |
| 2025 | -61.4% | +29.4% |
| 2026 | -49.5% | +58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and PRLB good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and PRLB?
The FNGD/PRLB correlation stands at -0.31 on a 3-year window (1 year: -0.17, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is PRLB a good diversifier for FNGD?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · PRLB correlations
