FNGD vs SHOP: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) trade together? Their weekly returns over three years give a correlation of -0.54, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SHOP?
On 3 years of weekly data the FNGD/SHOP correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.53 lands near the 3-year figure. The 5-year figure is -0.64, and annualized covariance runs at -2515.9 %².
Among the 1743 assets we track against FNGD, SHOP ranks #1640 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SHOP ahead by 66.0 points (-55.7% versus +10.3%).
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 SHOP: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -55.7% | +10.3% |
| 5-year return | -99.4% | -0.4% |
| Volatility (ann.) | 75.7% | 61.1% |
| Beta vs S&P 500 | -4.54 | 2.40 |
| Max drawdown (3Y) | -97.6% | -46.7% |
| Market cap | – | $200.3B |
| P/E (trailing) | 20.6 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SHOP |
|---|---|---|
| 2022 | +52.2% | -74.8% |
| 2023 | -90.1% | +124.4% |
| 2024 | -76.6% | +36.5% |
| 2025 | -61.4% | +51.4% |
| 2026 | -49.5% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SHOP good diversifiers for each other?
Yes. With a correlation of -0.54, FNGD and SHOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and SHOP?
Using weekly returns as of 2026-08-27: -0.54 over 3 years, with -0.53 over the last year and -0.64 over 5 years.
Is SHOP a good diversifier for FNGD?
Yes. With a correlation of -0.54, FNGD and SHOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · SHOP correlations
