FNGD vs ULTA: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Ulta Beauty (ULTA) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and ULTA?
On 3 years of weekly data the FNGD/ULTA correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -638.4 %².
By 3-year correlation, ULTA places #377 of the 1743 assets tracked against FNGD. The last year tells two different stories: ULTA led by 56.9 percentage points, -55.7% for FNGD against +1.2% for ULTA. Risk is not evenly split, since FNGD carries 2.1 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 ULTA: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | ULTA (Ulta Beauty) | |
|---|---|---|
| 1-year return | -55.7% | +1.2% |
| 5-year return | -99.4% | +41.0% |
| Volatility (ann.) | 75.7% | 35.3% |
| Beta vs S&P 500 | -4.54 | 0.75 |
| Max drawdown (3Y) | -97.6% | -44.6% |
| Market cap | – | $23.2B |
| P/E (trailing) | 20.6 | 20.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | FNGD | ULTA |
|---|---|---|
| 2022 | +52.2% | +13.8% |
| 2023 | -90.1% | +4.5% |
| 2024 | -76.6% | -11.2% |
| 2025 | -61.4% | +39.1% |
| 2026 | -49.5% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and ULTA good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and ULTA?
The FNGD/ULTA correlation stands at -0.24 on a 3-year window (1 year: -0.18, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is ULTA a good diversifier for FNGD?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-ulta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fngd-vs-ulta/)
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Related comparisons
Hubs: FNGD correlations · ULTA correlations
