FNGD vs TENB: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Tenable Holdings, Inc. (TENB) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and TENB?
Over the past 3 years, FNGD and TENB moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -1222.1 %².
Among the 1743 assets we track against FNGD, TENB ranks #1332 by 3-year correlation. The last year tells two different stories: TENB led by 78.7 percentage points, -55.7% for FNGD against +23.0% for TENB. One caveat on sizing: FNGD is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TENB: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | TENB (Tenable Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | +23.0% |
| 5-year return | -99.4% | -16.1% |
| Volatility (ann.) | 75.7% | 41.5% |
| Beta vs S&P 500 | -4.54 | 1.04 |
| Max drawdown (3Y) | -97.6% | -69.1% |
| Market cap | – | $4.1B |
| P/E (trailing) | 20.6 | 537.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | TENB |
|---|---|---|
| 2022 | +52.2% | -30.7% |
| 2023 | -90.1% | +20.7% |
| 2024 | -76.6% | -14.5% |
| 2025 | -61.4% | -40.2% |
| 2026 | -49.5% | +59.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and TENB good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and TENB?
As of 2026-08-27, the correlation of weekly returns between FNGD and TENB is -0.39 over 3 years, -0.40 over 1 year and -0.42 over 5 years.
Is TENB a good diversifier for FNGD?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
A reading of -0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-tenb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fngd-vs-tenb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNGD correlations · TENB correlations
