FNGD vs UPST: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Upstart Holdings, Inc. (UPST) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and UPST?
Over the past 3 years, FNGD and UPST moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.55) runs below the 3-year figure (-0.45). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -3083.2 %².
Among the 1743 assets we track against FNGD, UPST ranks #1506 by 3-year correlation. Twelve-month performance is nearly a tie, at -55.7% for FNGD and -56.2% for UPST.
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 UPST: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -56.2% |
| 5-year return | -99.4% | -85.9% |
| Volatility (ann.) | 75.7% | 91.0% |
| Beta vs S&P 500 | -4.54 | 3.51 |
| Max drawdown (3Y) | -97.6% | -72.7% |
| Market cap | – | $3.0B |
| P/E (trailing) | 20.6 | 58.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | UPST |
|---|---|---|
| 2022 | +52.2% | -91.3% |
| 2023 | -90.1% | +209.1% |
| 2024 | -76.6% | +50.7% |
| 2025 | -61.4% | -29.0% |
| 2026 | -49.5% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and UPST good diversifiers for each other?
Yes. With a correlation of -0.45, FNGD and UPST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNGD and UPST?
As of 2026-08-27, the correlation of weekly returns between FNGD and UPST is -0.45 over 3 years, -0.55 over 1 year and -0.48 over 5 years.
Is UPST a good diversifier for FNGD?
Yes. With a correlation of -0.45, FNGD and UPST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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.
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Related comparisons
Hubs: FNGD correlations · UPST correlations
