FNGD vs SPOT: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Spotify Technology S.A. (SPOT) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SPOT?
On 3 years of weekly data the FNGD/SPOT correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.38). The 5-year figure is -0.57, and annualized covariance runs at -1148.3 %².
By 3-year correlation, SPOT places #1288 of the 1743 assets tracked against FNGD. The last year tells two different stories: SPOT led by 31.8 percentage points, -55.7% for FNGD against -23.9% for SPOT. Note the risk asymmetry: FNGD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPOT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SPOT (Spotify Technology S.A.) | |
|---|---|---|
| 1-year return | -55.7% | -23.9% |
| 5-year return | -99.4% | +126.2% |
| Volatility (ann.) | 75.7% | 39.5% |
| Beta vs S&P 500 | -4.54 | 0.85 |
| Max drawdown (3Y) | -97.6% | -46.8% |
| Market cap | – | $108.4B |
| P/E (trailing) | 20.6 | 29.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SPOT |
|---|---|---|
| 2022 | +52.2% | -66.3% |
| 2023 | -90.1% | +138.0% |
| 2024 | -76.6% | +138.1% |
| 2025 | -61.4% | +29.8% |
| 2026 | -49.5% | -9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SPOT good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SPOT?
As of 2026-08-27, the correlation of weekly returns between FNGD and SPOT is -0.38 over 3 years, -0.20 over 1 year and -0.57 over 5 years.
Is SPOT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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-spot.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-spot/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FNGD correlations · SPOT correlations
