FNGD vs UPLD: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Upland Software, Inc. (UPLD) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UPLD?
On 3 years of weekly data the FNGD/UPLD correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.34 over 3. The 5-year figure is -0.33, and annualized covariance runs at -2468.5 %².
By 3-year correlation, UPLD places #1112 of the 1743 assets tracked against FNGD. The last year tells two different stories: FNGD led by 27.8 percentage points, -55.7% for FNGD against -83.5% for UPLD.
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 UPLD: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UPLD (Upland Software, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -83.5% |
| 5-year return | -99.4% | -98.8% |
| Volatility (ann.) | 75.7% | 95.6% |
| Beta vs S&P 500 | -4.54 | 2.34 |
| Max drawdown (3Y) | -97.6% | -92.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UPLD |
|---|---|---|
| 2022 | +52.2% | -60.3% |
| 2023 | -90.1% | -40.7% |
| 2024 | -76.6% | +2.6% |
| 2025 | -61.4% | -67.1% |
| 2026 | -49.5% | -67.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UPLD good diversifiers for each other?
Yes. With a correlation of -0.34, FNGD and UPLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and UPLD?
The FNGD/UPLD correlation stands at -0.34 on a 3-year window (1 year: -0.44, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is UPLD a good diversifier for FNGD?
Yes. With a correlation of -0.34, FNGD and UPLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.34 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.
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Related comparisons
Hubs: FNGD correlations · UPLD correlations
